Lower Eastern Shore, Md. – Despite a continued decline in available housing inventory, the Lower Eastern Shore saw an increase in home sales in August 2019, according to the latest numbers from the Coastal Association of REALTORS® (Coastal).
In all three counties throughout August, new settlements were up 5.3 percent compared to the same time last year and Year to Date (YTD) settlements were up 0.7 percent. Individually, new settlements throughout August were up by 10.4 percent in Worcester and by 12.5 percent in Somerset. New settlements were down by five percent in Wicomico. YTD settlements were up by five percent in Worcester and by two percent in Somerset, but were down by 7.4 percent in Wicomico.
Inventory remained down in August, as the Tri-County area as a whole saw a 27.1 percent decrease in active listings and no change in new listings compared to the same time last year. Individually, active listings were down by 22.7 percent in Worcester, by 36.6 percent in Wicomico, and by 27 percent in Somerset. New listings were down by 9.4 percent in Wicomico and were up by 4.3 percent and by 12 percent in Worcester and Somerset, respectively.
The average list price for the Shore was $229,066, which is 5.5 percent higher than this time last year. The average sale price was $210,377, which is five percent lower than this time last year.
The average Cumulative Days on Market (CDOM) for August was 118, or 1.6 percent lower than the same time last year. Individually, CDOM increased by 55.2 percent in Worcester and by 24.3 percent in Wicomico, and decreased by 40 percent in Somerset.
“Historically low interest rates are really pulling buyers into the market, as we can see from August’s increase in sales,” said Coastal President Bernie Flax. “We will continue to struggle with inventory as this demand gets stronger and stronger.”
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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