Real Estate
JULY 2018
THE COASTAL REAL ESTATE RESOURCE Coastal Association of Realtors/Ocean City Today
Pending sales, prices up in lower shore area (Lower Eastern Shore, Maryland) — Contracts, inventory and home prices are up on Maryland’s Lower Eastern Shore, according to the latest numbers from the Coastal Association of Realtors. May 2018 saw an overall 7.6 percent increase in contracts, or pending sales, compared to the same time last year in Somerset, Wicomico and Worcester counties. Individually, single-family home contracts increased by 43 percent in Worcester and by 33.3 percent in Somerset, but decreased by 17.3 percent in Wicomico. Condominium contracts increased by 3.4 percent in Worcester and by 12.5 percent in Wicomico, but decreased by 50 percent in Somerset. Inventory was also up, showing an overall 2.6 percent bump in May. Individually, single-family home listings were up by 15.8 percent in Worcester and by 3 percent in Wicomico, but were down by 5.6 percent in
Somerset. Condominium listings were up by 0.8 percent in Worcester, down by 60 percent in Wicomico and remained the same in Somerset. Average list prices were up by 11.6 percent and average sale prices were up by 12.3 percent throughout the TriCounty area. Average days on market was up 36 percent and settlements were down by 11.3 percent. “It’s great to see a little bump in inventory, because sometimes we have trouble keeping up with the demand on the Lower Shore,” said Coastal President Joel Maher. “It also looks like the people who are listing their homes are getting more money for them, which indicates an increase in the value of our housing stock.” Coastal’s monthly local housing statistics are pulled from the association’s multiple listing service, which represents the activity of over 1,000 local Realtors in Somerset, Wicomico and Worcester counties.