Lower Eastern Shore, Md. – A more than 25 percent drop in available housing inventory on Maryland’s Lower Eastern Shore has led to higher list and sale prices, according to the latest numbers from the Coastal Association of REALTORS® (Coastal).
Throughout June, there were 1,854 active, available residential units on the Shore. In June 2018, there were 2,493 available units, which is a 25.6 percent drop. Individually, active listings are down by 22.3 percent in Worcester County, by 34.1 percent in Wicomico County, and by 23 percent in Somerset County.
New listings in June were also down overall by 8.5 percent across the Shore. Individually, new listings were up by 2.4 percent in Wicomico and were down by 21 percent and 13.4 percent in Somerset and Worcester, respectively.
With limited inventory comes multiple offers and increased prices. The average list price for the Shore is $269,688, which is 15.9 percent higher than this time last year. The average sale price is $207,431, which is 2.4 percent higher than this time last year.
Settlements are down slightly compared to June of last year, with new settlements being 5.4 percent lower and Year to Date (YTD) settlements being 2.6 percent lower. Individually, new settlements throughout June were up by 3.8 percent in Somerset, and were down by 16.8 percent and 1.2 percent in Wicomico and Worcester, respectively.
The homes that are selling are leaving the market at the same pace as last year, with an average Cumulative Days on Market (CDOM) for the Tri-County area at 124 days. Individually, CDOM increased by 25.6 percent in Somerset, and decreased by 9.1 percent and 14.3 percent in Wicomico and Worcester, respectively.
“Limited local inventory is driving our numbers down across the Shore, as it’s done for the past few years,” said Coastal President Bernie Flax. “However, we are still very busy with pending sales. Also the market is very competitive, which is great for sellers.”
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.
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