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, but we’re still grappling with inventory shortages, likely caused by the recovering market and a lack of new home construction. Despite that, and despite projections that the mortgage interest rate will surpass five percent by the end of this year, we expect a very busy 2018.”
Reports for individual counties and municipalities are available under the “Advocacy and Community” tab on www.coastalrealtors.org. Any questions or requests for additional data should be directed to Government & Public Affairs Director Sarah Rayne, who may be reached at 410-641-4409 and at sarah@coastalrealtors.org.
CAR’s monthly local housing statistics are pulled from the association’s Multiple Listing Service, which represents the activity of over 1,000 local REALTORS® in Somerset, Wicomico and Worcester counties.
Visit www.coastalrealtors.org for more information.
More about Coastal Association of REALTORS®
The Coastal Association of REALTORS® is fortunate enough to represent over 1,000 real estate professionals in Somerset, Wicomico, and Worcester Counties. These members are engaged, informed, and active in their communities. They support the American dream of homeownership, as well as the purchase and use of all types of real property. They are local. They are accurate. They are trusted. They are REALTORS® and affiliate members.
For more information on Coastal REALTORS®, visit www.coastalrealtors.org. The term REALTOR® is a registered collective membership mark unique to real estate professionals who are members of the NATIONAL ASSOCIATION OF REALTORS® and subscribe to its strict Code of Ethics.
MEDIA CONTACT: Sarah Rayne / 410-641-4409 / sarah@coastalrealtors.org