The official start of the summer season on Maryland’s Lower Eastern Shore saw increased contract starts, according to the latest numbers from the Coastal Association of REALTORS® (CAR).
June 2017 saw a 23.5 percent overall increase in single family home and condominium contract starts compared to the same time last year in Somerset, Wicomico, and Worcester counties. Individually, single family home contracts increased by 21.4 percent in Worcester County, by 11.5 percent in Wicomico County, and by five percent in Somerset County. Condominium contracts increased by 39.4 percent in Worcester County and by 83.3 percent in Wicomico County. Somerset County condominium contracts decreased by 50 percent.
Settlements were largely down in the Tri-County area by 7.5 percent. Individually, single family home settlements decreased by 13.7 percent in Worcester County and by 13.6 percent in Wicomico County. They remained the same in Somerset County. Condominium settlements decreased by 1.8 percent in Worcester County. They increased by 37.5 percent in Wicomico County and by 200 percent in Somerset County.
Listings were down overall by 5.5 percent. Individually, single family home listings were down by 13.5 percent in Worcester County, by .8 percent in Wicomico County, and by 17.1 percent in Somerset County. Condominium listings were up by 2.9 percent in Worcester County. They were down by 23.1 percent in Wicomico County and by 100 percent in Somerset County.
Days on market was up overall by 53 percent. Listing prices were down by 6.6 percent and sale prices were down by 6.5 percent.
“That nice bump in contract starts means our members are busy working with their clients to start the buying process. Those deals should wrap up over the next few months,” said CAR President Don Bailey. “We’re seeing inventory scale back a bit as more and more listings move off the market. Although sale prices were down slightly, it’s still a good time to put your house on the market because people are definitely looking to buy right now.”
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.
