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 contract activity in Somerset County remained steady.
Settlements in all three counties were up slightly, by 1.5 percent overall. Single family home settlements increased by 35.8 percent in Wicomico County and by 8.3 percent in Somerset County. Worcester County condominium settlements saw a 4.8 percent increase, while Worcester County single family home settlements saw a 22.1 percent decrease.
Days on market was largely down by 9.6 percent in November. Listing prices were up by 8.6 percent and sales prices were up by 10 percent.
“The recent increased availability of inventory has been a great boost for the local market,” said CAR President Don Bailey. “Of course, things may now slow down a bit during the holidays as potential buyers and sellers shift their attention to their families. But it’s great to see a new sense of confidence among sellers, and it’s equally great to see that surge in activity be validated by eager buyers.”
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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