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 percent compared to the same time last year. Individually, single family home contracts were down by 12.6 percent in Worcester and by 12.9 percent in Wicomico, but were up by 42.9 percent in Somerset. Condominium contracts were up by 4.6 percent in Worcester and by 33.3 percent in Wicomico, but were down by 50 percent in Somerset.
Settlements were down overall by 10.6 percent compared to the same time last year in all three counties. Individually, single family home settlements were down by 11.4 percent in Worcester, by 9.9 percent in Wicomico, and by 7.1 percent in Somerset. Condominium settlements were down by nine percent in Worcester and by 41.7 percent in Wicomico, but were up by 100 percent in Somerset, where there was one settlement, compared to zero settlements during the same time period last year.
Days on market was up overall by 52.8 percent.
“It’s really an ideal time for anyone considering buying or selling in the near future,” said CAR President Joel Maher. “Inventory is not keeping up with demand, and sale prices are increasing, which is good for sellers. The recovering economy is driving up interest rates, which are expected to reach five percent by the end of the year, so it’s a good time to get off the fence if you’re thinking about buying. Just make sure you contact a local REALTOR® to help guide you through the process.”
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.
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