Lower Eastern Shore, Md. –
Is that house you have always dreamed of about to hit the market? Don’t hesitate, because it may not be there for long. Buyers must be prepared to move faster than ever in this market. With the average Days on Market (DOM) for residential listings down to only 31 days, it doesn’t give you much time to weigh your options and shop around. For comparison, last year at this time our DOM was 85 days, and in 2016 it was 135 days.
Inventory is still at historic lows, but we did see a slight decrease in median home prices this month. The median home price in May was $270,00, which is down from $285,00 in April, but still up $50,000 from May of 2020. We also saw a dip last year from April to May. We currently have only 532 active listings in the lower three counties compared to 1104 in May of 2020, which is over 50% less.
In all three counties throughout May, new settlements were up 79.9% compared to the same time last year. Individually, new settlements throughout May were up by 58.6% in Wicomico, 94.1% in Worcester, and 57.1% in Somerset.
New listings in May were up 40.8% compared to the same time last year in all three counties. Individually, new listings were up by 40.6% in Worcester, 31.8% in Wicomico, and 105.3% in Somerset from May of 2020. In May 2020, we were still under stay-at-home orders during the pandemic, so it’s no surprise that our inventory numbers were even lower than usual.
Active listings in all three counties were down by 51.8%. Individually, there were 300 active listings in Worcester, 167 in Wicomico, and 65 in Somerset. We had 1,104 active listings at this time last year.
The average Cumulative Days on Market (CDOM) for May was 31, or 63.5% less than the same time last year. Over the last 5 years, the average DOM was 85 for May. “Buyers are having to sprint right now to be the first in line and have the best offer on the home of their dreams,” said CAR President Joni Martin Williamson. “Buyers need to be prepared when they start shopping. They need to have all of their ducks in a row. That means being pre-approved, having their paperwork and financing in place, and working with a REALTOR® professional who can help guide them through this process.”
“This is a different market than we have seen before, and buyers who are trying to navigate it on their own are missing out on their dream homes. It’s going to be a different experience than the last time you bought a home, and if you are a first-time home buyer it is even more important to work with someone who understands what’s going on in the market and can help guide you,” said Williamson.
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.
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.
MEDIA CONTACT: Colin Zimmerman / 410-641-4409 / firstname.lastname@example.org