Lower Eastern Shore, Md. – As the temperatures drop, so does real estate activity on the Lower Eastern Shore, according to the latest numbers from the Coastal Association of REALTORS® (Coastal).
In all three counties throughout October, new settlements were down 13 percent compared to the same time last year and Year to Date (YTD) settlements were up one percent. Individually, new settlements throughout October were down by 15.3 percent in Worcester and by 14.6 percent in Wicomico, and were up by 20 percent in Somerset. YTD settlements were up by 4.6 percent in Worcester and by 2.8 percent in Somerset, but were down by 5.9 percent in Wicomico.
Inventory remained down in October, as the Tri-County area as a whole saw a 25.5 percent decrease in active listings and a 7.4 percent decrease in new listings compared to the same time last year. Individually, active listings were down by 24.6 percent in Worcester, by 27.8 percent in Wicomico, and by 25 percent in Somerset. New listings were down by 20 percent in Worcester and were up by 25 percent and 7.1 percent in Wicomico and Somerset, respectively.
The average list price for the Shore was $219,532, which is 8.5 percent lower than this time last year. The average sale price was $204,955, which is five percent higher than this time last year.
The average Cumulative Days on Market (CDOM) for October was 138, or 46.8 percent higher than the same time last year. Individually, CDOM increased by two percent in Worcester, by 50 percent in Wicomico, and by 82 percent in Somerset.
“We are beginning to see modest mortgage interest rate increases, but they are still historically low,” said Coastal President Joe Wilson. “Although there are a lot of buyers interested in taking advantage of low rates, we are struggling with available inventory. It’s a great time to put your house on the market because the demand is high.”
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 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.
