News & Media

Category: Market Report
Local market boost predicted after interest rate hike
October 5, 2018
Lower Eastern Shore, Md. – Local market activity continues to fall behind last year’s numbers, according to the September 2018 housing reports from the Coastal Association of REALTORS® (Coastal).
 
New listings that went on the market in September were down 7.1 percent and total active listings were down 24.4 percent compared to the same time last year in Somerset, Wicomico, and Worcester counties. That translates to 559 new listings and 3,132 active listings. Individually, available housing units were up by 8.7 percent in Worcester County, and were down by 31 percent in Wicomico and by 15 percent in Somerset.
 
Sales that made it to the settlement table in September were down by 20.3 percent overall compared to the same time last year, with Worcester seeing a 22 percent drop, Wicomico a 19.7 percent drop, and Somerset a five percent drop. Year-to-date settlements were down overall by 5.7 percent....
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Local market data aligns with national real estate trends
September 10, 2018
Lower Eastern Shore, Md. – Another month of low inventory, less settlements, and higher prices has the Lower Eastern Shore aligned with the latest market trends reported by the National Association of REALTORS® (NAR).
 
According to the Coastal Association of REALTORS® (Coastal), August 2018 did see a 7.7 percent bump in new listings, but overall active listings were down by 24 percent on the Shore. That translates to 572 new listings and 3,149 active listings for the month of August. Individually, available housing units were down by 27.2 percent in Worcester County, by 23.3 percent in Wicomico County, and by 8.5 percent in Somerset County, compared to the same time last year.
 
New settlements were down by 7.4 percent overall compared to August of last year, with Worcester seeing a 1.8 percent drop, Wicomico a 12.9 percent drop, and Somerset a 24.2 percent drop. Year to date settlements were down overall...
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Decreased inventory drives up home prices on Lower Shore
August 9, 2018
Lower Eastern Shore, Md. – A more than 25 percent drop in available housing inventory on Maryland’s Lower Eastern Shore has led to higher list and sale prices, according to the latest numbers from the Coastal Association of REALTORS® (Coastal).
 
As of the end of July, there were 2,666 available residential units on the Shore. In July 2017, there were 3,582 available units, which is a 25.5 percent drop. Individually, active listings are down by 30 percent in Worcester County, by 25.5 percent in Wicomico County, and by 10.6 percent in Somerset County.
 
New listings in July saw a 3.5 percent bump compared to the same time last year across the Shore. Individually, new listings were up by 1.1 percent in Wicomico and by 85.7 percent in Somerset, while they were down by 5.7 percent in Worcester.
 
With limited inventory comes multiple...
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Contracts, inventory, home prices up on Lower Shore
June 8, 2018
Lower Eastern Shore, Md. – Contracts, inventory, and home prices are up on Maryland’s Lower Eastern Shore, according to the latest numbers from the Coastal Association of REALTORS® (Coastal).
 
May 2018 saw an overall 7.6 percent increase in contracts, or pending sales, compared to the same time last year in Somerset, Wicomico, and Worcester counties. Individually, single family home contracts increased by 43 percent in Worcester and by 33.3 percent in Somerset, but decreased by 17.3 percent in Wicomico. Condominium contracts increased by 3.4 percent in Worcester and by 12.5 percent in Wicomico, but decreased by 50 percent in Somerset.
 
Inventory was also up, showing an overall 2.6 percent bump in May. Individually, single family home listings were up by 15.8 percent in Worcester and by three percent in Wicomico, but were down by 5.6 percent in Somerset. Condominium listings were up by 0.8 percent in...
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Second quarter kicks off with increased housing inventory
May 11, 2018
Lower Eastern Shore, Md. – The second quarter of 2018 kicked off with increased housing inventory, according to the latest numbers from the Coastal Association of REALTORS® (Coastal).
 
April 2018 saw an overall 4.6 percent increase in residential listings, compared to the same time last year in Somerset, Wicomico, and Worcester counties. Individually, single family home listings increased by 3.4 percent in Wicomico and by 3.6 percent in Somerset, but decreased by 5.8 percent in Worcester. Condominium listings increased by 11.5 percent in Worcester and by 66.7 percent in Wicomico, but were down by 50 percent in Somerset.
 
Contract starts were also up, showing a 2.5 percent increase in April throughout the Tri-County area. Individually, single family home contracts remained the same in Worcester, and increased by 2.9 percent in Wicomico and by 86.7 percent in Somerset. Condominium contracts increased by...
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Low inventory drives up sale prices, creates sellers’ market
April 12, 2018
Lower Eastern Shore, Md. – Low inventory numbers are driving up sale prices and creating an attractive sellers’ market, according to the latest numbers from the Coastal Association of REALTORS® (CAR).
 
March 2018 saw an overall 2.7 percent dip in single family home and condominium listings compared to the same time last year in Somerset, Wicomico, and Worcester counties. Individually, single family home listings decreased by 3.3 percent in Wicomico and by 3.7 percent in Somerset, but increased by 10.6 percent in Worcester. Condominium listings decreased by 7.4 percent in Worcester, by 26.7 percent in Wicomico, and by 42.9 percent in Somerset.
 
These lower inventory numbers are driving up average sale prices, which increased overall by 17.6 percent in all three counties. Average list prices were up by 18.4 percent.
 
Contracts were down overall in the Tri-County area by 3.8...
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CAR releases 2017 local housing reports
March 15, 2018
Lower Eastern Shore, Md. – The Coastal Association of REALTORS® (CAR) released its 2017 local housing reports for the three counties and their municipalities at the association’s Media Breakfast on Thursday, March 15, 2018.
 
According to CAR, REALTORS® in the Tri-County area sold 3,795 homes worth a total of $873.4 million throughout 2017. The average sale price of a home was $230,161. When compared to five years ago, inventory decreased by 6.2 percent, new contracts increased by 39.7 percent, home sales increased by 41.5 percent, and home values increased by 2.9 percent.
 
“Overall, the Lower Shore’s real estate market is doing very well,” said CAR President Joel Maher. “In many areas, we’re seeing 2017 numbers that surpass pre-recession numbers, which is incredible. There is a strong demand in our area,...
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February market opens good buying window
March 8, 2018
Lower Eastern Shore, Md. – Local home prices are down, according to the latest numbers from the Coastal Association of REALTORS® (CAR).
 
February 2018 saw an overall 25.2 percent dip in single family home and condominium average sale prices compared to the same time last month in Somerset, Wicomico, and Worcester counties. Individually, single family home prices decreased by 29.9 percent in Worcester, by 20.3 percent in Wicomico, and by 43.7 percent in Somerset. Condominium sale prices increased by four percent in Worcester and decreased by 71.2 percent in Wicomico. There was no data available for Somerset condominium sale prices. Listing prices in all three counties also decreased by an overall 25.2 percent.
 
Inventory was down overall by 11.2 percent in all three counties compared to the same time last year. Individually, single family home inventory was down by 20.9 percent in Worcester and by 32.5...
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January real estate market sees increased contracts, settlements
February 5, 2018
Lower Eastern Shore, Md. – Despite January’s frigid temperatures, local real estate activity remained steady, according to the latest numbers from the Coastal Association of REALTORS® (CAR).
 
The first month of 2018 saw an overall 12.9 percent jump in single family home and condominium contracts compared to the same time last year in Somerset, Wicomico, and Worcester counties. Individually, single family home contracts increased by 35.4 percent in Wicomico County, but decreased by 1.6 percent in Worcester and by 6.7 percent in Somerset. Condominium contracts increased by 7.4 percent in Worcester County and by 200 percent in Somerset County, but decreased by 33.3 percent in Wicomico.
 
Settlements were up overall by 0.5 percent in the Tri-County area. Individually, single family home settlements increased by 88.9 percent in Somerset, but decreased by five percent in Worcester and by 11.9 percent in...
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Holiday real estate market shows increased activity
January 9, 2018
Lower Eastern Shore, Md. – The holidays on Maryland’s Lower Eastern Shore boasted a slight increase in real estate activity, according to the latest numbers from the Coastal Association of REALTORS® (CAR).
 
December 2017 saw an overall one percent jump in single family home and condominium contracts compared to the same time last year in Somerset, Wicomico, and Worcester counties. Individually, single family home contracts increased by 5.3 percent in Wicomico County, decreased by 21.6 percent in Worcester County, and remained the same in Somerset County. Condominium contracts increased by 20 percent in Worcester and by 100 percent in Somerset, but remained the same in Wicomico.
 
Settlements were up overall by 2.2 in the Tri-County area. Individually, single family home settlements were up by 5.3 percent in Worcester County and were down by 3.9 percent in Wicomico and by 21.1 percent in Somerset....
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Local market sees increased contracts, settlements in November
December 1, 2017
Lower Eastern Shore, Md. – The local real estate market is seeing increased pending contracts and settlements compared to last year, according to the latest numbers from the Coastal Association of REALTORS® (CAR).
 
November 2017 saw a 7.7 percent jump in single family home and condominium contracts compared to the same time last year in Somerset, Wicomico, and Worcester counties. Individually, single family home contracts increased by 22.4 percent in Worcester County, and remained the same in Wicomico and Somerset counties. Condominium contracts increased by 125 percent in Wicomico, and remained the same in Worcester and Somerset.
 
Settlements were up by 12.7 in the Tri-County area. Individually, single family home settlements were up by 31.7 percent in Worcester County and by 26.7 percent in Somerset, but were down by 11.4 percent in Wicomico. Condominium settlements were up by 14.3 percent in Worcester...
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October housing data reflects increased market activity
November 9, 2017
Lower Eastern Shore, Md. – The local real estate market is seeing increased pending contracts and home prices compared to last year, according to the latest numbers from the Coastal Association of REALTORS® (CAR).
 
October 2017 saw a 29.7 percent jump in single family home and condominium contracts compared to the same time last year in Somerset, Wicomico, and Worcester counties. Individually, single family home contracts increased by 34.7 percent in Worcester County, by 20.2 percent in Wicomico, and by 26.7 percent in Somerset. Condominium contracts increased by 29.3 percent in Worcester, by 200 percent in Wicomico, and remained the same in Somerset.
 
Settlements were down slightly – by 3.5 percent – in the Tri-County area. Individually, single family home settlements were up by 15.6 percent in Worcester County and by 45.5 percent in Somerset, but were down by 42.7 percent in Wicomico. Condominium...
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Fall real estate market kicks off with increased listings, contracts
October 4, 2017
Lower Eastern Shore, Md. – The local real estate market is seeing increased inventory and pending contracts compared to last year, according to the latest numbers from the Coastal Association of REALTORS® (CAR).
 
September 2017 saw a 14.2 percent jump in single family home and condominium listings compared to the same time last year in Somerset, Wicomico, and Worcester counties. Individually, single family home listings increased by 8.4 percent in Worcester County, by 13.7 percent in Wicomico County, and by 15.8 percent in Somerset County. Condominium listings increased by 20 percent in Worcester County and by 100 percent in Somerset County, while Wicomico County saw a 22.2 percent decrease.
 
Pending contracts were also up overall in the Tri-County area by 26.5 percent. Individually, single family home contracts were up by 38.6 percent in Worcester County and by 33.3 percent in Somerset County, but were...
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Local REALTORS® see increased contracts, settlements in July
August 3, 2017
Lower Eastern Shore, Md. – Local REALTORS® saw a spike in market activity throughout July, according to the latest numbers from the Coastal Association of REALTORS® (CAR).
 
July 2017 saw a four percent overall increase in single family home and condominium contract starts compared to the same time last year in Somerset, Wicomico, and Worcester counties. Individually, single family home contracts increased by 16.9 percent in Worcester County, by 19.8 percent in Wicomico County, and by 64.3 percent in Somerset County. Condominium contracts increased by 4.7 percent in Worcester County, but decreased by 22.2 percent in Wicomico County and by 100 percent in Somerset County.
 
Settlements were also up overall in the Tri-County area by 2.5 percent. Individually, single family home settlements were down by 6.6 percent in Worcester County and by 5.3 percent in Somerset County, but were up by 14.8 percent in...
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As temps heat up, so does local real estate market
July 5, 2017
Lower Eastern Shore, Md. – The official start of the summer season on Maryland’s Lower Eastern Shore saw increased contract starts, according to the latest numbers from the Coastal Association of REALTORS® (CAR).
 
June 2017 saw a 23.5 percent overall increase in single family home and condominium contract starts compared to the same time last year in Somerset, Wicomico, and Worcester counties. Individually, single family home contracts increased by 21.4 percent in Worcester County, by 11.5 percent in Wicomico County, and by five percent in Somerset County. Condominium contracts increased by 39.4 percent in Worcester County and by 83.3 percent in Wicomico County. Somerset County condominium contracts decreased by 50 percent.
 
Settlements were largely down in the Tri-County area by 7.5 percent. Individually, single family home settlements decreased by 13.7 percent in Worcester County and by 13.6 percent...
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Lower Shore housing market thrives in Spring season
June 5, 2017
Lower Eastern Shore, Md. – Listings, contracts, settlements, and sale prices all increased in the local housing market throughout May, according to the latest numbers from the Coastal Association of REALTORS® (CAR).
 
May 2017 saw a 16.3 percent overall increase in single family home and condominium contracts compared to the same time last year in Somerset, Wicomico, and Worcester counties. Individually, single family home contracts increased by 83.3 percent in Somerset, by 29.8 percent in Wicomico, and by 4.7 percent in Worcester. Condominium contracts increased by 14.3 percent in Wicomico and by 5.2 percent in Worcester. There were no condominium contracts recorded in Somerset.
 
Settlements were up in the overall Tri-County area by 16 percent. Individually, single family home settlements were up by 11.1 in Wicomico and were down by 3.7 percent in Worcester and by 31.2 percent in Somerset. Condominium...
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CAR visits Capitol Hill for Legislative Meetings
May 26, 2017
Washington, DC – During the National Association of REALTORS® (NAR) Annual Legislative Meetings & Trade Expo in Washington, DC, Coastal Association of REALTORS® (CAR) members and staff traveled to Capitol Hill to meet with the federal elected officials who represent Maryland’s 1st District.
 
                    
(From left) CAR Government & Public Affairs Director Sarah Rayne, President Don Bailey, Director and Government Affairs & RPAC Chair Joe Wilson, Past President Vicki Harmon, Director Grace Masten, President-Elect Joel Maher, Executive Vice President Page Browning, and Government Affairs Committee Member Rick Proctor.
 
The group visited the offices of Rep. Andy Harris and Sens. Ben Cardin and Chris Van...
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Local REALTORS® oppose Salisbury tax increase
May 23, 2017
Salisbury, Md. – The Coastal Association of REALTORS® (CAR), a trade association that represents over 1,000 local real estate professionals, is opposed to the proposed property tax increase for non-owner occupied properties in the City of Salisbury.
 
              
Joel Maher, President-Elect of the Coastal Association of REALTORS®, speaks at the May 22 public hearing for Salisbury’s proposed Fiscal Year 2018 budget, which includes a property tax increase for non-owner occupied properties.
 
The Salisbury City Council is currently considering a two-tier property tax structure, which would charge more for residential and commercial properties that are not owner occupied. The current tax rate for all city properties is $.9432 per $100 of assessed value. What’s...
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Increased contracts point to busy summer
May 9, 2017
Lower Eastern Shore, Md. – A recent spike in contracts or pending sales points to a busy summer season, according to the latest figures from the Coastal Association of REALTORS® (CAR).
 
April 2017 saw an 11 percent overall increase in single family home and condominium contracts compared to the same time last year in Somerset, Wicomico, and Worcester counties. Individually, single family home contracts increased by 7.2 percent in Worcester and by 8.5 percent in Wicomico. They decreased by 6.2 percent in Somerset. Condominium contracts increased by 16.9 percent in Worcester and by 33.3 percent in Wicomico, and remained the same in Somerset.
 
Settlements were also up in April, with the Tri-County area seeing a 9.8 percent boost. Individually, single family home settlements were up by 13.5 percent in Worcester and by 21.6 percent in Wicomico. They were down by 33.3 percent in Somerset. Condominium...
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Spring real estate market kicks off with increased settlements
April 5, 2017
Lower Eastern Shore, Md. – This year’s spring real estate market is off to a busy start, according to the latest figures from the Coastal Association of REALTORS® (CAR).
 
March 2017 saw a 29.2 percent overall increase in single family home and condominium settlements compared to the same time last year in Somerset, Wicomico, and Worcester counties. Individually, single family home settlements increased by 32.7 percent in Worcester and by 20.5 percent in Wicomico. They decreased by 35 percent in Somerset. Condominium settlements increased by 53.9 percent in Worcester and by 20 percent in Wicomico. There were no condominium settlements in Somerset County last month, nor were they any in March 2016.
 
Contract starts in all three counties increased overall by 43.2 percent compared to the same time last year. Individually, single family home contract starts were up by 51.9 percent in...
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Warmer temps boost contract activity
March 3, 2017
Lower Eastern Shore, Md. – Unseasonably warm temperatures have increased foot traffic on the Lower Shore and boosted contract activity, according to the latest figures from the Coastal Association of REALTORS® (CAR).
 
February 2017 saw a 46 percent increase in new single family home and condominium contract starts compared to the same time last year in Somerset, Wicomico, and Worcester counties. Individually, Somerset single family home contracts increased by 53.8 percent, Worcester by 30.2 percent, and Wicomico by 26 percent. Somerset condominium contracts remained the same, but increased by 75.3 percent in Worcester and by 42.9 percent in Wicomico.
 
Settlements in all three counties were down overall by seven percent. Single family home settlements remained the same in Worcester and Wicomico counties and decreased by 7.1 percent in Somerset. Condominium settlements were down by 8.5 percent in Worcester,...
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Activity picks up in the new year
February 2, 2017
Lower Eastern Shore, Md. – The local real estate market kicked off the new year with a slight bump in inventory and a healthy boost in contract starts, according to the latest figures from the Coastal Association of REALTORS® (CAR).
 
January 2017 saw a one percent increase in new local listings compared to the same time last year in Somerset, Wicomico, and Worcester counties. Individually, Worcester single family home listings increased by 14.1 percent, Wicomico decreased by 10.6 percent, and Somerset decreased by 12.5 percent.
 
New contract starts, or pending sales, increased overall by 23 percent compared to the same time last year. Individually, Worcester single family home contract starts increased by 3.1 percent, Wicomico increased by 37.1 percent, and Somerset remained steady. Worcester condominium contract starts also saw a boost of 25.8 percent.
 
Settlements in all...
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Lower Shore housing market sees boost in 2016
January 11, 2017
Lower Eastern Shore, Md. – The local housing market continues to show marked signs of improvement, according to the latest figures from the Coastal Association of REALTORS®.
 
                                               
 
In 2016, single family home sales increased by about six percent compared to 2015 in the entire Tri-County area. Contracts, or pending sales, increased by about five percent and the average sale price increased by about eight percent. New listings of single family homes decreased by about six percent.
 
Condominium sales in 2016 increased by about nine percent and average condominium sale prices decreased by about 10 percent.
 
In Worcester County alone, single family home sales increased by about four...
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Local real estate market enters holiday season on a high note
December 8, 2016
Lower Eastern Shore, Md. – Increased inventory is propelling sales activity on the Lower Eastern Shore, according to the latest figures from the Coastal Association of REALTORS® (CAR).
 
November 2016 saw an 18.4 percent increase in new local listings compared to the same time last year in Somerset, Wicomico, and Worcester counties. Individually, Wicomico single family home listings jumped by 32.9 percent, Somerset increased by 13.3 percent, and Worcester increased by 6.7 percent.
 
New contract, or pending sales, activity increased overall by 11.6 percent. Single family home contract starts increased by 26.7 percent in Worcester County and by 27.8 percent in Somerset County. Single family home contracts decreased by 9 percent in Worcester County. Condominium contracts increased by 20.8 percent in Worcester County, while condominium contracts in Wicomico County decreased by 44.4 percent. Condominium...
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Local inventory edges up slightly in October
November 3, 2016
Lower Eastern Shore, Md. – For the first time in seven months, local inventory increased on the Lower Eastern Shore, according to the latest figures from the Coastal Association of REALTORS® (CAR).
 
October 2016 saw an overall four percent bump in new local listings compared to the same time last year in Somerset, Wicomico, and Worcester counties. This increase was driven primarily by a 34.7 percent increase in condominium listings in Wicomico County. Single family home listings were down by 13.6 percent in Wicomico, by 11.2 percent in Worcester, and by 16 percent in Somerset. Condominium listings remained steady in Somerset and decreased by 33.3 percent in Worcester.
 
New contract, or pending sales, activity stayed up slightly in October, recording an overall 2.7 percent increase in the Tri-County area. However, the area saw a 17 percent dip in new...
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