Berlin, Md. – Local REALTORS® were very busy in April, according to the latest figures from the Coastal Association of REALTORS® (CAR).
CAR’s local housing statistics for April 2016 showed an overall 24.2 percent increase in contracts, or pending sales, in Somerset, Wicomico, and Worcester counties, compared to the same time last year. Most notable was a 40.8 percent increase of single family home contracts in Worcester County and a 50 percent increase in condominium contracts in Wicomico County.
Settlements showed an overall increase of 8.2 percent in Somerset, Wicomico, and Worcester counties, compared to the same time last year. Among the highest increases were a 50 percent increase in condominium contracts in Wicomico County and a 33.3 percent increase in single family home contracts in Somerset County.
Days on market showed an overall decrease of 17 percent, reflecting a reduction in the amount of time it takes for a home to leave the market and hit the settlement table. Local inventory decreased by 10.3 percent. Listing and sale prices were up by 10 percent and 10.2 percent, respectively.
Linda Moran, president of CAR, said April’s numbers are indicative of a very active summer for local real estate practitioners.
“We’re so pleased to see such a boost in confidence among local buyers,” Moran said. “And our members are standing by, available to serve anyone interested in a second home or a permanent home on the Lower Eastern Shore of Maryland.”
The trend of increased sales activity despite decreased inventory numbers is reflective of what’s happening in the national housing market, according to Lawrence Yun, chief economist for the National Association of REALTORS®.
“This spring’s surprisingly low mortgage rates are easing some of the affordability pressures potential buyers are experiencing and are taking away some of the sting from home prices that are still rising too fast and above wage growth,” Yun said.
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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