Lower Eastern Shore, Md. – As the summer comes to a close, the local real estate market is still hot! Residential settlements on the Lower Eastern Shore rose throughout the month, according to the latest numbers from the Coastal Association of REALTORS® (CAR).
In all three counties throughout August, new settlements were up 18% percent compared to the same time last year. Individually, new settlements throughout August were up by 1.8 percent in Wicomico, 16.7 percent in Somerset, and 25.6 percent in Worcester.
New listings in August were down by 2.1 percent compared to the same time last year in all three counties. Individually, new listings were up by 7.4 percent in Worcester, down by 60.5 percent in Somerset and by 5.9 percent in Wicomico. Active listings in all three counties were down by 51.33 percent. Individually, there were 464 active listings in Worcester, 215 in Wicomico, and 91 in Somerset.
The average Cumulative Days on Market (CDOM) for August was 78, or 7.14 percent less than the same time last year. The median sale price for the Lower Shore was $251,750 which is 9.9 percent higher than this time last year.
“It seems that people were hesitant to list their homes for sale and allow showings during COVID-19” said CAR President Joe Wilson. “Because of that, the lack of available inventory lead to properties selling faster and for a higher price, on average”
“Our REALTOR® and Affiliate members have done an amazing job navigating the settlement process in a pandemic.” Wilson said. “Mortgage interest rates are still very low, so anyone looking to buy should not hesitate.”
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
