Lower Eastern Shore, Md. – The Lower Eastern Shore saw a dip in activity in November, according to the latest numbers from the Coastal Association of REALTORS® (Coastal).
In all three counties throughout November, new settlements were down 11 percent compared to the same time last year and Year to Date (YTD) settlements were up 0.1 percent. Individually, new settlements throughout November were down by 13.4 percent in Worcester and by 16.2 percent in Wicomico, and were up by 100 percent in Somerset. YTD settlements were up by three percent in Worcester and by 7.6 percent in Somerset, but were down by seven percent in Wicomico.
Inventory remained down in November, as the Tri-County area as a whole saw a 29.2 percent decrease in active listings and a 16 percent decrease in new listings compared to the same time last year. Individually, active listings were down by 25 percent in Worcester, by 38.3 percent in Wicomico, and by 32 percent in Somerset. New listings were down by seven percent in Worcester, by 30 percent in Wicomico, and by 33.3 percent in Somerset.
The average list price for the Shore was $222,035, which is nine percent higher than this time last year. The average sale price was $224,121, which is 11.2 percent higher than this time last year.
The average Cumulative Days on Market (CDOM) for November was 127, or 25.3 percent lower than the same time last year. Individually, CDOM increased by 9.1 percent in Worcester, and decreased by 5.3 percent and 52 percent in Wicomico and Somerset, respectively.
“We continue to see our settlement and listing numbers decline, but it’s a good sign that prices are up and homes are moving off the market faster, as per the lower CDOM,” said Coastal President Joe Wilson. “The demand is there, but we continue to struggle with available inventory. New home construction on the Lower Eastern Shore will be vital for our industry in 2020.”
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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