FEBRUARY 2016
January increase in pending sales Contracts rise sharply as year begins with positive indicators
COMMANDER’S AWARD The Coastal Association of Realtors (CAR) was awarded the United State Marine Corps Reserve Commander’s Award for its outstanding support of the 2015 Marine Toys For Tots Program. CAR collected more than 100 toys at its 2015 holiday party. Members of the CAR Membership Committee, which coordinated the toy drive, and CAR staff accepted the award at CAR’s Berlin office. Accepting the award, from left, are CAR Education Coordinator Marie McFarland, Mary Burgess, Rosie Beauclair, Jim Volk, Committee Chair Pam Wadler, CAR Board Member Bernie Flax, Kathy Lowing and CAR Membership Coordinator Tiffany Taylor.
BERLIN – The Lower Eastern Shore kicked off 2016 with a spike in pending sales, according to the latest figures from the Coastal Association of Realtors (CAR). CAR’s local housing statistics for January 2016 showed an overall 23.6 percent increase in pending sales, or contracts as compared to the same time last year in the three counties of the Lower Shore region: Somerset, Wicomico and Worcester. Single-family home contracts in Somerset saw the largest increase of 75 percent, while single-family home contracts in Wicomico and Worcester increased by 23.7 percent and 10.9 percent, respectively. Settlements of single-fam-
ily homes and condominiums were largely down, with the exception of a 15.6 percent increase in condominium settlements in Worcester County. At the same time, local inventory declined for the month by 9.9 percent as compared to the same time last year in all three counties. Listing and sales prices were down by 17.9 percent and 20.1 percent, respectively, compared to December 2015. “A slight decline in inventory, coupled with decreased listing and sales prices, creates a favorable market for any potential buyers who may be sitting on the fence, waiting for a good time to buy,” said CAR President Linda Moran. “As usual, we expect those increased contracts to become increased settlements in the coming months. Overall, our members are busy See YEAR Page 8
2015 proves to be solid year for industry Single-family home sales up 17 percent over previous year
LOWER SHORE – The local housing market closed out 2015 on a high note, showing solid increases in sales and contracts on the Lower Eastern Shore, according to the latest figures from the Coastal Association of Realtors (CAR). In 2015, single-family home sales increased by about 17 percent as compared to 2014 in the entire tri-county area. Contracts, or pending sales, also increased by 17 percent and listings increased by 3 percent. The average sale price decreased by roughly 1 percent. In Worcester County, single-family home sales in 2015 increased by 19 percent as compared to 2014. Contracts increased by 18 percent and listings increased by 0.2 percent. The average sale price of a single-family home increased by roughly 1 percent.
Terrence McGowan, a Realtor with Berkshire Hathaway HomeServices PenFed Realty in Ocean City and a member of the CAR board of directors, said activity is still up in Worcester County. “Buyers are coming into the area and actually looking and sellers are becoming more realistic about the values of their properties,” McGowan said. “As far as inventory, short sales and foreclosures are no longer the majority of the inventory, which is the reason there are less and less new listings each year. Money is still readily available and interest rates are still at an all-time low. I think that buyers are still waiting to see where the economy is going to go, especially heading into an election year.” In Wicomico County, single-family home sales in 2015 increased by 15 percent as compared to 2014. Contracts increased by 18 percent and listings increased by 9 per-
cent. The average sale price of a single-family home increased by 4 percent. Joel Maher, a Realtor with Coldwell Banker Resi-
dential in Salisbury and vice president of CAR, said Wicomico County’s market is poised to continue to improve as its inventory of
foreclosures is alleviated. “That’s always going to suppress the market because these properties are generally See AS FORECLOSURES Page 16