Less than a week. That is the median time you have from when your dream home comes on the market to when it is under contract. Six days to see the listing, talk about it with your REALTOR®, lender, and family, and make an offer. To put that in some historical perspective, over the last 10 years most homes on the Lower Shore, were on the market an average of 81 days. To say we are at historic lows on inventory and days on market is an understatement.
Homes may not be staying on the market but we have seen a slight drop in price over the last two months. In June our median price was $265,000 which is down a little under 2% from May of 2021 but still up almost 13% from June of last year. We currently have only 573 active listings in the lower three counties compared to 981 in June of 2020.
Overall in the three counties, new settlements during the month of June were down 2.3% compared to the same time last year. Individually, new settlements throughout June were up by 7.8% in Wicomico, 56.5% in Somerset, and down 11.6% in Worcester.
New listings in June were up 17% compared to the same time last year in all three counties. Individually, new listings were up by 5.8% in Worcester, 37.5% in Wicomico, and 24.3% in Somerset from June of 2020.
Active listings in all three counties were down by 41.6%. Individually, there were 310 active listings in Worcester, 189 in Wicomico, and 74 in Somerset. We had 981 active listings at this time last year.
The Median Cumulative Days on Market (CDOM) for June was six (6), or 89.3% less than the same time last year.
“We have been talking about inventory all of 2021 and it still dominates any conversation we have about real estate here or anywhere else in the U.S.,” said CAR President Joni Martin Williamson. “What we are seeing is not unique to our area. It’s a nationwide problem that comes from years of under-building homes. There is no easy fix but government and private businesses need to work together and work quickly so that the problem doesn’t get worse.”
“This problem has been years in the making. We don’t have enough homes and our homes are getting older. If we want to ensure that the next generations can find a home and afford to purchase it we need solutions today. The Coastal Association of REALTORS® is committed to working with local government and business to make that a reality,” said Williamson.
CAR’s monthly local housing statistics are pulled from the Bright Multiple Listing Service, which represents the activity of over 1,000 local REALTORS® in Somerset, Wicomico, and Worcester counties, as well as 95,000 real estate professionals across the Mid-Atlantic region. The Bright MLS service area includes Maryland, Delaware, New Jersey, Pennsylvania, Virginia, Washington, D.C., and West Virginia.
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.
