Lower Eastern Shore, Md. – The Lower Eastern Shore kicked off the new year with increased settlements and new listings, according to the latest numbers from the Coastal Association of REALTORS® (CAR).
In all three counties throughout January, new settlements were up 8.1 percent compared to the same time last year. Individually, new settlements throughout January were up by 13.5 percent in Worcester and by 12 percent in Wicomico, but were down by 36.8 percent in Somerset.
Although active listings were down by 28.3 percent in January, the Tri-County area saw a 10.3 percent increase in new listings added to the market last month, compared to the same time last year. Individually, new listings were up by 7.3 percent in Worcester, by five percent in Wicomico, and by 42 percent in Somerset. Active listings were down by 27 percent in Worcester, by 36.5 percent in Wicomico, and by 22 percent in Somerset.
The average list price for the Lower Shore was $227,741, which is 4.8 percent higher than this time last year. The average sale price was $191,096, which is three percent lower than this time last year.
The average Cumulative Days on Market (CDOM) for January was 150, or 52.4 percent lower than the same time last year. Individually, CDOM decreased by 34 percent in Worcester, by 62.4 percent in Wicomico, and by 52 percent in Somerset.
“We saw a strong start to the new year and with mortgage rates hovering near a five-decade low, according to Freddie Mac, we expect a very busy Spring,” said CAR President Joe Wilson.
CAR’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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