Lower Eastern Shore, Md. – New local inventory saw a slight boost in February, according to the latest numbers from the Coastal Association of REALTORS® (Coastal).
New listings that went on the market in February 2019 were up seven percent compared to the same time last year in all three counties. That translates to 580 new listings. Individually, new available units were up by 0.6 percent in Worcester, by six percent in Wicomico, and by 50 percent in Somerset.
However, active inventory is still lower than it was a year ago. In all three counties, there was a total of 3,053 active listings, which is 20.2 percent lower than it was in February 2018. Active listings were down by 16 percent in Worcester, by 30.3 percent in Wicomico, and by 10 percent in Somerset.
New residential settlements in January were down by 6.4 percent overall compared to the same time last year in Somerset, Wicomico, and Worcester counties. Individually, settlements were down by 24 percent in Wicomico, but were up by four percent in Worcester and by 29.4 percent in Somerset. Year-to-date settlements across the Tri-County area totaled 235, which is 6.4 percent lower than the same time last year.
List prices reached an average of $228,547 in all three counties, which is 22.6 percent lower than the same time last year. The average sale price, however, was $197,716, which is 10.6 percent higher than the same time last year.
“The local market slowed down a bit in February, which is relatively normal for this time of year,” said Coastal President Bernie Flax. “The decrease in list prices definitely opens a good window for anyone who is considering buying anytime soon.”
Coastal’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 85,000 real estate professionals across the Mid-Atlantic. The Bright MLS service area includes Maryland, Delaware, New Jersey, Pennsylvania, Virginia, Washington, D.C., and West Virginia.
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.