Contracts, inventory, and home prices are up on Maryland’s Lower Eastern Shore, according to the latest numbers from the Coastal Association of REALTORS® (Coastal).
May 2018 saw an overall 7.6 percent increase in contracts, or pending sales, compared to the same time last year in Somerset, Wicomico, and Worcester counties. Individually, single family home contracts increased by 43 percent in Worcester and by 33.3 percent in Somerset, but decreased by 17.3 percent in Wicomico. Condominium contracts increased by 3.4 percent in Worcester and by 12.5 percent in Wicomico, but decreased by 50 percent in Somerset.
Inventory was also up, showing an overall 2.6 percent bump in May. Individually, single family home listings were up by 15.8 percent in Worcester and by three percent in Wicomico, but were down by 5.6 percent in Somerset. Condominium listings were up by 0.8 percent in Worcester, were down by 60 percent in Wicomico, and remained the same in Somerset.
Average list prices were up by 11.6 percent and average sale prices were up by 12.3 percent throughout the Tri-County area. Average days on market was up 36 percent and settlements were down by 11.3 percent.
“It’s great to see a little bump in inventory, because sometimes we have trouble keeping up with the demand on the Lower Shore,” said Coastal President Joel Maher. “It also looks like the people who are listing their homes are getting more money for them, which indicates an increase in the value of our housing stock.”
Coastal’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.
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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.
