Real Estate
NOVEMBER DECEMBER 2016
THE COASTAL REAL ESTATE RESOURCE Coastal Association of Realtors/Ocean City Today
October listings gain, contracts hold steady Days on market also increase, settlements and prices decline
Members of the Coastal Association of Realtors participated in an informational meeting with Mayor Jacob Day, representatives from the Salisbury Police Department, and representatives from the Newtown Association.
Realtors promote Newtown living Informational session includes financing, amenities and events
Salisbury, Md. – The Coastal Association of Realtors (CAR) recently participated in an informational meeting hosted by the Newtown Association regarding the benefits of buying and living in this historic Salisbury neighborhood. Held in the home of Barry and Judith Dressel, who are on the Board of Directors for the Newtown Association, the meeting focused on how Realtors can sell Newtown’s historic homes, which can be perceived as costly due to their age and size. The group discussed financing options for renovations, neighborhood amenities and events, as well as the area’s close proximity
to the Downtown, Salisbury University, and Peninsula Regional Media Center. Representatives from the Salisbury Police Department, Lt. Jason Yankalunas and Ofc. John DiMare, spoke to the group about the neighborhood’s crime statistics, noting that a misperception regarding high calls-for-service numbers is attributed to proactive measures conducted by police to ensure the safety of residents in the core of the city. Mayor Jake Day also attended, and applauded the Newtown Association for its dedication to the revitalization of their neighborhood. The Newtown Association distributed information to the Realtors that may be useful to their clients, including an extensive fact sheet that addresses commonly asked questions regarding afford-
ability, energy efficiency, and maintenance, among others. The association also shared information regarding their upcoming Holiday House Tour, which is scheduled for Sunday, Dec. 4 and will feature nine of the neighborhood’s historic homes. The Newtown Association recently launched a new website – www.newtownhistoricdistrict.org – which contains a wealth of information about the neighborhood, including current listings. “After hearing that some residents believe Realtors discourage their clients from buying in Newtown, we wanted to have an open dialogue with the Newtown Association and the city to get more information and clear up any misperceptions,” said CAR President Don Bailey. “Newtown is a wonderful See REALTORS Page 14
CAR reps attend NAR convention About 20,000 real estate professionals participate in event
Orlando, Fla. – Representatives from the Coastal Association of Realtors (CAR) recently traveled to Orlando, Florida to participate in the annual National Association of Realtors (NAR) 2016 Conference & Expo.
CAR President Don Bailey, President-elect Joel Maher and Executive Vice President Page Browning represented the Lower Eastern Shore of Maryland at the national conference. About 20,000 real estate professionals from across the country attended the four-day event, which offers 100 information sessions and professional develop-
ment workshops to gain education and insights into residential and commercial real estate markets, home buying and selling trends, commercial market growth, economic forecasts, and public policy and regulatory concerns. The theme of this year’s event was “Educate. Innovate. Celebrate!”, and, inSee CAR Page 6
For the first time in seven months, local inventory increased on the Lower Eastern Shore, according to the latest figures from the Coastal Association of Realtors (CAR). October 2016 saw an overall 4 percent bump in new local listings compared to the same time last year in Somerset, Wicomico, and Worcester counties. This increase was driven primarily by a 34.7 percent increase in condominium listings in Wicomico County. Single family home listings were down by 13.6 percent in Wicomico, by 11.2 percent in Worcester and by 16 percent in Somerset. Condominium listings remained steady in Somerset and decreased by 33.3 percent in Worcester. New contract, or pending sales, activity stayed up slightly in October, recording an overall 2.7 percent increase in the Tri-County area. However, the area saw a 17 percent dip in new settle-
ments. Worcester and Wicomico counties reported decreases in single family and condominium settlements, while numbers remained steady in Somerset. Days on market was largely up in October, with the Lower Shore in its entirety reflecting a 31.5 percent increase compared to the previous month. Worcester County condominiums saw the highest spike, with data reflecting a 45.7 percent increase. Wicomico County condominiums increased by 44 percent and Somerset County single family homes increased by 36 percent. Days on market was down by four percent among single family homes in Worcester County and by 9.5 percent among single family homes in Wicomico County. Listing and sales prices were down overall by 17 percent and 17.3 percent, respectively, with the average listing price being $163,076 and the average sales price being $155,976. “Although it wasn’t a huge jump, the inventory increase is encouraging, seeing as See BAILEY Page 14