Berlin, Md. – The Lower Eastern Shore kicked off 2016 with a spike in pending sales, according to the latest figures from the Coastal Association of REALTORS® (CAR).
CAR’s local housing statistics for January 2016 showed an overall 23.6 percent increase in pending sales, or contracts, compared to the same time last year in Somerset, Wicomico and Worcester counties.
Single family home contracts in Somerset saw the largest increase of 75 percent, while single family home contracts in Wicomico and Worcester increased by 23.7 percent and 10.9 percent, respectively.
Settlements of single family homes and condominiums were largely down, with the exception of a 15.6 percent increase in condominium settlements in Worcester County.
Local inventory declined, this month by 9.9 percent compared to the same time last year in all three counties. Listing and sales prices were down by 17.9 percent and 20.1 percent, respectively, compared to December 2015.
“A slight decline in inventory, coupled with decreased listing and sales prices, creates a favorable market for any potential buyers who may be sitting on the fence, waiting for a good time to buy,” said CAR President Linda Moran. “As usual, we expect those increased contracts to become increased settlements in the coming months. Overall, our members are busy and January’s numbers indicate the beginning of an active year in local real estate.”
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®
Coastal Association of REALTORS® is the leading local advocacy group in the real estate industry on the Lower Eastern Shore of Maryland. Coastal REALTORS® works in partnership with its members to promote home ownership and preserve, protect, and advocate private property rights. The organization supports 1,000 REALTORS® who serve Somerset, Wicomico, and Worcester counties.
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.
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