Lower Eastern Shore, Md. – Limited inventory is stalling activity in the Lower Eastern Shore’s real estate market, according to the latest numbers from the Coastal Association of REALTORS®.
Active inventory in all three counties was down by 23.4 percent in May, compared to the same time last year. Individually, active listings were down by 23.3 percent in Somerset County, by 24 percent in Wicomico County, and by 23.3 percent in Worcester County.
New listings that went on the market in May were up very slightly by 2.7 percent in Somerset, Worcester and Wicomico counties. Individually, new listings were down by 11.9 percent in Somerset and were up by 8.8 percent in Wicomico and by 1.6 percent in Worcester.
New residential settlements were down overall by 21 percent in May in Somerset, Wicomico, and Worcester counties. Individually, settlements were up by 4.1 percent in Somerset and were down by 24 percent in Wicomico and by 21.9 percent in Worcester.
Year-to-date settlements are also lagging compared to the same time last year. Overall, homes that sold between January and May of this year are down by 3.8 percent in all three counties, compared to the same time last year. Individually, settlements remained the same in Somerset, were down by 20 percent in Wicomico, and were up by 5.1 percent in Worcester.
List prices reached an average of $255,824 in all three counties in May, which is 15.8 percent higher than the same time last year. Individually, the average list price was $175,669 in Somerset, $225,912 in Wicomico, and $365,892 in Worcester.
Sale prices reached an average of $224,198 in all three counties in May, which is 12.3 percent higher than the same time last year. Individually, the average sale price was $183,839 in Somerset, $185,587 in Wicomico, and $303,169 in Worcester.
Days on market was up 34.8 percent in May in all three counties, showing that homes are selling a bit slower than they were a year ago.
“With low inventory and higher prices, it’s really a seller’s market right now, and it’s a great time to list your property,” said Coastal President Bernie Flax. “We still expect a very busy summer thanks to lower mortgage interest rates and increased consumer confidence. Call a local REALTOR® if you’re thinking about buying or selling on the Lower Shore.”
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.