Lower Eastern Shore, Md. – The Lower Eastern Shore saw a boost in home sales in December, according to the latest numbers from the Coastal Association of REALTORS® (Coastal).
In all three counties throughout December, new settlements up 27.2 percent compared to the same time last year and Year to Date (YTD) settlements were up two percent. Individually, new settlements throughout December were up by 29.3 percent in Worcester, by 5.5 percent in Wicomico, and by 237.5 percent in Somerset. YTD settlements were up by five percent in Worcester and by 16 percent in Somerset, but were down 5.4 percent in Wicomico.
Inventory remained down in December, as the Tri-County area as a whole saw a 28.7 percent decrease in active listings and a 1.3 percent decrease in new listings compared to the same time last year. Individually, active listings were down by 24.9 percent in Worcester, by 35 percent in Wicomico, and by 37 percent in Somerset. New listings were down by 11 percent in Wicomico and by 45.5 percent in Somerset, but were up by 13.1 percent in Worcester.
The average list price for the Shore was $212,161, which is 2.5 percent higher than this time last year. The average sale price was $204,763, which is 5.5 percent higher than this time last year.
The average Cumulative Days on Market (CDOM) for November was 136, or 12.4 percent higher than the same time last year. Individually, CDOM decreased by eight percent in Worcester, and increased by 2.3 percent and 52 percent in Wicomico and Somerset, respectively.
“Despite the continued decline in available inventory, our settlement numbers still increased last month, which is great,” said Coastal President Joe Wilson. “It is likely that last month’s mild weather and continued low mortgage rates really worked in our favor.”
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.
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