Eastern Shore, Md. – Residential housing sales continued their upward trend throughout September, according to the latest numbers from the Coastal Association of REALTORS® (Coastal).
In all three counties throughout September, new settlements were up 15.5 percent compared to the same time last year and Year to Date (YTD) settlements were up 2.5 percent. Individually, new settlements throughout September were up by 22.5 percent in Worcester and by eight percent in Wicomico, and were down by 10 percent in Somerset. YTD settlements were up by seven percent in Worcester and by 0.5 percent in Somerset, but were down by 5.2 percent in Wicomico.
Inventory remained down in September, as the Tri-County area as a whole saw a 25 percent decrease in active listings and a 3.6 percent decrease in new listings compared to the same time last year. Individually, active listings were down by 22.1 percent in Worcester, by 32.4 percent in Wicomico, and by 20.3 percent in Somerset. New listings were down by 11.8 percent in Worcester and were up by eight percent and 48 percent in Wicomico and Somerset, respectively.
The average list price for the Shore was $229,940, which is 9.4 percent higher than this time last year. The average sale price was $199,254, which is 5.6 percent higher than this time last year.
The average Cumulative Days on Market (CDOM) for September was 129, or 36 percent higher than the same time last year. Individually, CDOM increased by 111.5 percent in Wicomico and by 45 percent in Somerset, and decreased by 12 percent in Worcester.
“Our market continues to benefit from low interest rates and the improving economy,” said Coastal President Bernie Flax. “Anyone interested in buying should act quickly to take advantage of these favorable conditions.”
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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