Lower Eastern Shore, Md. – Low inventory continues to be a challenge for local REALTORS®, but continued low mortgage interest rates may be boosting real estate activity on the Lower Eastern Shore, according to the latest numbers from the Coastal Association of REALTORS® (Coastal).
New residential settlements in April were up overall by 0.6 percent in Somerset, Wicomico, and Worcester counties. Individually, settlements were up by 50 percent in Somerset and by 13.7 percent in Worcester, but were down by 26.2 percent in Wicomico. Year to date settlements across the Tri-County area totaled 1,056, which is 2.6 percent lower than the year before.
New listings that went on the market in April were up 8.5 percent compared to the same time last year in all three counties. That translates to 549 new listings. Individually, new available units were up by 43.8 percent in Somerset and by 13.4 percent in Worcester, and were down by 8.1 percent in Wicomico.
However, active inventory is still lower than it was a year ago. In all three counties, there was a total of 1,933 active listings, which is 22.5 percent lower than it was in April 2018. Active listings were down by 14.8 percent in Somerset, by 34.6 percent in Wicomico, and by 18.8 percent in Worcester.
Sale prices reached an average of $194,161 in all three counties in April, which is 3.2 percent lower than the same time last year. Individually, the average sale price was $129,589 in Somerset, $173,074 in Wicomico, and $279,819 in Worcester.
List prices reach an average of $260,363 in all three counties, which is 11.8 percent higher than the same time last year.
“The demand to buy in our area is definitely there, but we are still struggling with limited inventory,” said Coastal President Bernie Flax. “With mortgage interest rates continuing to decline, we expect to have a very busy summer. We’ll also likely see a lot of refinance activity as people look to lock in the lower 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.
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