Lower Eastern Shore, Md. – While the COVID-19 crisis appears to be impacting housing inventory on the Lower Eastern Shore, residential settlements remained steady throughout March, according to the latest numbers from the Coastal Association of REALTORS® (CAR).
In all three counties throughout March, new settlements were up two percent compared to the same time last year. Individually, new settlements throughout March were up by 7.2 percent in Wicomico and 21.1 percent in Somerset, but were down by 1.8 percent in Worcester.
Year-to-date settlements were up by 6.7 percent in all three counties. Individually, year-to-date settlements were up by 9.1 percent in Worcester and by eight percent in Wicomico, but were down by 22.2 percent in Somerset.
New listings in March were down by 16 percent compared to the same time last year in all three counties. Individually, new listings were down by 20 percent in Worcester, by 6.6 percent in Wicomico, and by 13.2 percent in Somerset. Active listings in all three counties were down by 41.1 percent. Individually, active listings were down by 41 percent in Worcester, by 42.5 percent in Wicomico, and by 40 percent in Somerset.
The average Cumulative Days on Market (CDOM) for March was 103, or 51 percent lower than the same time last year. Individually, CDOM decreased by 33.2 percent in Worcester, by 15 percent in Wicomico, and by 73.6 percent in Somerset.
The average list price for the Lower Shore was $251,353, which is 13.2 percent higher than this time last year. The average sale price was $206,707, which is 4.2 percent higher than this time last year.
“Inventory may have been impacted by this crisis in that some sellers are choosing to change their listing status to ‘temporarily off market’ until the pandemic ends,” said CAR President Joe Wilson. “But the market has been incredibly strong and healthy over the past year, and we have no doubt that strong demand will return quickly.”
The virus pandemic has certainly led to a drastic decrease in showings. According to ShowingTime, which is a market statistics and showing management technology provider to the residential real estate industry, showings in Maryland are down 60.7 percent compared to this time last year.
“To meet housing needs in our communities, real estate professionals have been deemed essential personnel,” Wilson said. “However, we are being responsible and respectful of Governor Hogan’s stay-at-home order, and we are helping our clients by providing virtual services wherever possible.”
Earlier this week, noted Wilson, CAR offered a free webinar to its members titled, “How to be a Virtual Agent,” in which Jeremias “JMan” Maneiro of JMan Seminars discussed virtual open houses, virtual buyer consultations, virtual offer presentations, and virtual showings.
“CAR will continue working with our state and national associations to provide our members will the tools they need to weather this storm and carry the torch of the American Dream through and beyond this crisis,” Wilson said.
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.
MEDIA CONTACT: Sarah Rayne / 443-944-7046 / firstname.lastname@example.org