Real Estate
AUGUST 2016
THE COASTAL REAL ESTATE RESOURCE Coastal Association of Realtors/Ocean City Today
Grant aids homebuyer education Effort aims to increase housing opportunities by paying seminar fee
As the temperatures rise, so does sales activity in the local real estate market, according to the latest figures. June 2016 showed an overall 24.7 percent increase in contracts, or pending sales, in Somerset, Wicomico and Worcester counties as compared to the same time last year. Individually, contracts for single-family homes increased by 12.3 percent in Worcester County, by 21.1 percent in Wicomico County, and by 80 percent in Somerset County. Settlements were also up overall in the Tri-County area by 2.9 percent as compared to the same time last year. Most notably was a 21.5 percent increase in singlefamily home settlements in Worcester County. Meanwhile, inventory numbers continue to decline in the lower shore area, as CAR’s figures showed a 9.8 percent decrease overall. The sole increase in inventory was a 27.3 jump in condominium listings in Wicomico County. Average days on market increased by 5.7 percent, and listing and sales prices decreased by 3.3 percent and 5.5 percent, respectively. CAR President Linda Moran said limited inventory is probably holding up some buyers, which is the reason
The Coastal Association of Realtors (CAR), in partnership with Salisbury Neighborhood Housing Services (SNHS), was awarded a $3,600 grant from the National Association of Realtors (NAR) Housing Opportunity Program to support activities that create and expand affordable housing opportunities. The grant will be used to offer a Communitywide Homebuyers Education Seminar at no cost to dozens of local residents on Saturday, Oct. 8, from 8:30 a.m. to 4:30 p.m. at Rivers Edge Apartments & Studio for the Arts in Salisbury. The seminar is an eight-hour class required by the U.S. Department of Housing and Urban Development in order for first-time homebuyers to receive a mortgage through specified loan programs. The class is offered regularly by SNHS, which is a part of the NeighborWorks America network. The course fee is ‘This grant normally $100 per will help family. This fee will many local be waived for the families first 25 families who register for the achieve their Oct. 8 course dream of through SNHS. owning a This course is home.’ available to all residents from Somer— CAR set, Wicomico, and President Worcester counLinda Moran ties. “Realtors build communities and work hard to make housing affordable to all who are willing and able to become homeowners,” said CAR President Linda Moran. “This grant will help many local families achieve their dream of owning a home and also serves to further our association’s mission to promote and encourage affordable homeownership for hardworking Lower Eastern Shore residents.” SNHS Executive Director Cheryl Meadows added, “We are so thrilled to take our mission ‘on the road’ and bring our resources and trained professionals to the community on a broader scale.
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For the second year in a row, the Coastal Association of Realtors (CAR) and its members sponsored a tent at the J. Millard Tawes Crab & Clam Bake on July 20 in Crisfield. The tent was stocked with amenities like a food runner, dessert, ice water, cold beer, fans, and more. Pictured are CAR representatives, from left, CAR Government & Public Affairs Director Sarah Rayne, CAR Government Affairs Chair Joe Wilson, Gov. Larry Hogan, and CAR President Linda Moran.
Sales activity climbs as summer debuts Contracts increase by nearly 25 percent