Berlin, Md. – Several months of increased contracts translated into settlements in February, according to the latest figures from the Coastal Association of REALTORS® (CAR).
CAR’s local housing statistics for February 2016 showed an overall 5.2 percent increase in settlements compared to the same time last year in Somerset, Wicomico and Worcester counties. Of particular note were increases of 24.4 percent and 75 percent in Wicomico County single family homes and condominiums, respectively.
Worcester County’s settlements of single family homes and condominiums decreased by 16.7 percent and 11.9 percent, respectively, compared to the same time last year.
Contracts, or pending sales, were largely down, with the exception of a 12.5 percent increase of condominiums in Wicomico County, a 2.5 percent increase of single family homes in Wicomico County, and a 3.9 percent increase of condominiums in Worcester County.
Local inventory increased by 8 percent in all three counties. Listing and sale prices were up by 12.6 percent and 13.3 percent, respectively, compared to January 2016. Days on market was up 56.9 percent.
“The overall market is historically slower in February due to cold temperatures. We saw a significant amount of snow over the past few months, and that puts everything on hold; but despite that, we saw some encouraging numbers in February,” said CAR President Linda Moran. “Expect to see those settlement numbers continue to increase as the weather gets warmer and we head into the busy season.”
CAR’s monthly local housing statistics are pulled from the association’s Multiple Listing Service, which represents the activity of over 1,000 local REALTORS® in Somerset, Wicomico and Worcester counties.
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More about Coastal Association of REALTORS®
Coastal Association of REALTORS® is the leading local advocacy group in the real estate industry on the Lower Eastern Shore of Maryland. Coastal REALTORS® works in partnership with its members to promote home ownership and preserve, protect, and advocate private property rights. The organization supports 1,000 REALTORS® who serve Somerset, Wicomico, and Worcester counties.
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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