Lower Eastern Shore, Md. – Home sale prices continue to rise on the Lower Eastern Shore, according to the latest numbers from the Coastal Association of REALTORS® (Coastal).
Sale prices reached an average of $200,273 in all three counties in March, which is 17.2 percent higher than the same time last year. Individually, the average sale price was $293,367 in Worcester County, $186,308 in Wicomico County, and $121,144 in Somerset County.
List prices reached an average of $227,796 in all three counties, which is 0.5 percent lower than the same time last year.
New listings that went on the market in March were up 2.5 percent compared to the same time last year in all three counties. That translates to 532 new listings. Individually, new available units were up by 15.2 percent in Somerset, and were down by by 0.7 percent in Wicomico and by 2.6 percent in Worcester.
However, active inventory is still lower than it was a year ago. In all three counties, there was a total of 1,789 active listings, which is 27 percent lower than it was in March 2018. Active listings were down by 24.1 percent in Worcester, by 37.1 percent in Wicomico, and by 17.3 percent in Somerset.
New residential settlements in March were down by 16.3 percent overall compared to the same time last year in all three counties. Individually, settlements were down by 37 percent in Wicomico, by 0.5 percent in Worcester, and by 10 percent in Somerset. Year-to-date settlements across the Tri-County area totaled 700, which is 12.1 percent lower than the same time last year.
“The last week of March saw the biggest one-week drop in mortgage interest rates in a decade,” said Coastal President Bernie Flax. “That rate is still hovering around four percent and it’s not expected to increase very much this year. If you’re thinking about buying, now is a good time to start the process so you can take advantage of these low rates.”
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