Lower Eastern Shore, Md. – Local housing market activity was unhindered by last month’s considerable mortgage rate increase, according to the latest numbers from the Coastal Association of REALTORS® (Coastal).
Residential settlements in October 2018 were up by 12.3 percent overall compared to the same time last year in Somerset, Wicomico, and Worcester counties. Individually, settlements were up by 3.7 percent in Worcester, by 27.2 percent in Wicomico, and by 36.4 percent in Somerset. Year-to-date settlements, however, totaled 3,769 as of the end of October, which is about three percent lower than the same time last year.
New listings that went on the market in October were up 15.1 percent and total active listings were down by 18.1 percent compared to the same time last year in Somerset, Wicomico, and Worcester counties. That translates to 586 new listings and 3,303 active listings. Individually, available housing units were down by 17 percent in Worcester County, by 25 percent in Wicomico, and by 6.6 percent in Somerset.
List prices continued to rise last month, reaching a median price of $166,000 in all three counties, which is 10.7 percent higher than the same time last year. The median sale price, however, was $145,000, which is 3.3 percent lower than the same time last year.
The overall cumulative days on market (CDOM) was 68, which is 27.3 percent lower than the same time last year.
“Mortgage rates reached a seven-year high in October, yet our local market continues to thrive,” said Coastal President Bernie Flax. “With continued rate increases expected before the end of the year, it will be interesting to see how local real estate will be impacted.”
According to Lawrence Yun, chief economist for the National Association of REALTORS® (NAR), fears that the United States is experiencing a small bubble are unfounded, as “current market conditions are fundamentally different than what we were experiencing before the recession 10 years ago. Most states are reporting stable or strong market conditions, housing starts are under-producing instead of over-producing, and we are seeing historically low foreclosure levels, indicating that people are living within their means and not purchasing homes they cannot afford. This is a stronger, more stable market compared to the loosely regulated market leading up to the bust.”
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.
MEDIA CONTACT: Sarah Rayne / 410-641-4409 / firstname.lastname@example.org