Lower Eastern Shore, Md. – Continued limited inventory is boosting multiple-offer sales and driving up prices, according to the latest numbers from the Coastal Association of REALTORS® (Coastal).
Throughout July, there were 1,855 active, available residential units on the Shore. In July 2018, there were 2,406 available units, which is a 22.9 percent drop. Individually, active listings are down by 19 percent in Worcester County, by 31.5 percent in Wicomico County, and by 25.5 percent in Somerset County.
Conversely, new listings that went on the market in July were up overall by 7.2 percent across the Shore. Individually, new listings were up by 13.6 percent in Wicomico and by seven percent in Worcester. New listings were down by 16.7 percent in Somerset.
The average list price for the Shore was $228,927, which is 3.8 percent lower than this time last year. The average sale price was $221,446, which is 12.4 percent higher than this time last year.
“What we’re seeing here is a boost in sale prices compared to list prices, because people are willing to pay more in this low-inventory market,” said President Bernie Flax. “This is a true seller’s market.”
Settlements are down slightly compared to July of last year, with new settlements being 3.4 percent lower and Year to Date (YTD) settlements being 0.7 percent lower. Individually, new settlements throughout July were up by 16.1 percent in Wicomico, and were down by 11.5 percent and 33.3 percent in Worcester and Somerset, respectively.
The average Cumulative Days on Market (CDOM) for July was 152, or 34.5 percent higher than the same time last year. Individually, CDOM increased by 104 percent in Somerset and by 28 percent in Wicomico, and decreased by 11 percent in Worcester
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.
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.