Real Estate
FEBRUARY 2019
THE COASTAL REAL ESTATE RESOURCE Coastal Association of Realtors/Ocean City Today
Listings go up as temps drop which is 21.7 percent lower than it was in January 2018. Active listings were down by 17.5 percent in Worcester, by 30.3 percent in Wicomico, (Lower Eastern Shore, and by 13.3 percent in SomMd.) January’s frigid temper- erset. atures did not slow local inNew residential settleventory growth, according to ments in January were down the latest numbers from the by 29.8 percent overall comCoastal Association of Real- pared to the same time last tors. year in Somerset, Wicomico, New listings that went on and Worcester counties. the market in January 2019 Individually, settlements were up 15 percent compared were down by 25.7 percent in to the same Worcester, by ‘It’s encouraging to 33.3 percent in time last year in see activity pick up Wicomico, and all three counties. by 38.5 percent compared to the That transin Somerset. previous month.’ lates to 524 new Year-to-date listings. Indisettlements vidually, new available units across the tri-county area towere up by 22 percent in taled 4,443, which is four Worcester, by eight percent percent lower than the same in Wicomico, and by 3.2 per- time last year. cent in Somerset. List prices continued to However, active inventory rise last month, reaching an is still lower than it was a average price of $241,064 in year ago. all three counties. In all three counties, there Altogether, that’s nine were 2,886 active listings, See MARKET Page 4
Settlements decline in all three counties, inventory increases
Housing starts look stable As the national economy cools, new home construction is expected to remain nearly even with last year in terms of total value, while multifamily construction is expected to continue the softening it experienced in 2018. See page 22.
Mortgage tips for year ahead Changes in tax code, higher limits on FHA mortgages, and using home equity for improvements will make a difference in 2019, whether you’re looking to buy or to remodel your home. See page 10.
How to prepare to buy a home When it comes to buying a home, there’s looking, wanting and truly being ready, with the latter being critical to a smoother process and making smart decisions that are right for you and your budget. See page 19.