Real Estate
MAY 2018
THE COASTAL REAL ESTATE RESOURCE Coastal Association of Realtors/Ocean City Today
Low inventory driving up area home prices Interest rates climb along with economy’s steady improvement
Attending the Realtor Fair and Technology Expo in April, from left, are Coastal Director Steven Parsons of Coldwell Banker Residential in Salisbury, Coastal Executive Vice President Page Browning, Coastal President-elect Bernie Flax of EXIT Realty At The Beach in Ocean Pines, and President Joel Maher of Coldwell Banker Residential in Salisbury.
Realtors hold technology expo Coastal Association of Realtors draw 200 professionals to fair along with dozens of vendors The Coastal Association of Realtors held its third annual Realtor Fair & Technology Expo on Thursday, April 19 at the Roland E. Powell Convention Center in Ocean City. The event featured 28 vendors that provide services utilized by Realtors to expand their business and better serve their clients. Almost 200 real estate professionals, both locally and from across the state and Delaware, attended the event. The event concluded with a happy hour
and drawing of prizes provided by sponsors and vendors. Prior to the Realtor Fair & Technology Expo, Coastal hosted a general membership meeting, which featured information on the state of the association as well as a presentation by Bright MLS. Bright also conducted two workshops during the event. The event’s Gold Sponsors were Apex Home Loans, Bright MLS, and Sussex Environmental Consultants. The Silver Sponsors were Navy Federal Credit Union, ShowingTime, and Wells Fargo Home Mortgage. The Bronze Sponsors were Capitol Title, See TECH page 3
Completes leadership academy Williamson also wins top honors for reflecting industry’s ideals
Joni Williamson, president and associate broker of ERA Martin & Associates in Salisbury and secretary of the Executive Committee of the Coastal Association of Realtors (Coastal) Board of Directors, was one of 20 graduates from the 2018 Maryland Realtors 18th Annual Leadership Academy honored at ceremonies held recently in Annapolis. The Maryland Realtors Leadership Academy was formed by Realtors who understand the important role they play in their commu-
nity and the need to enhance the leadership skills, knowledge, and competencies of fellow Realtors interested in making a difference in their personal lives and in their communities. Coastal, one of 16 local Realtor associations in Maryland, is a strong advocate and recognizes the importance of this program to the association’s future. “The Maryland Realtors Leadership Academy offers an intensive curriculum designed to develop skills in leadership, communications, strategic planning, legislative and government affairs, and community involvement See WILLIAMSON page 20
Low inventory numbers are driving up sale prices and creating an attractive sellers’ market, according to the latest numbers from the Coastal Association of Realtors (CAR). March 2018 saw an overall 2.7 percent dip in single-family home and condominium listings compared to the same time last year in Somerset, Wicomico and Worcester counties. Individually, single-family home listings decreased by 3.3 percent in Wicomico and by 3.7 percent in Somerset, but increased by 10.6 percent in Worcester. Condominium listings decreased by 7.4 percent in Worcester, by 26.7 percent in Wicomico, and by 42.9 percent in Somerset.
These lower inventory numbers are driving up average sale prices, which increased overall by 17.6 percent in all three counties. Average list prices were up by 18.4 percent. Contracts were down overall in the tri-county area by 3.8 percent compared to the same time last year. Individually, single-family home contracts were down by 12.6 percent in Worcester and by 12.9 percent in Wicomico, but were up by 42.9 percent in Somerset. Condominium contracts were up by 4.6 percent in Worcester and by 33.3 percent in Wicomico, but were down by 50 percent in Somerset. Settlements were down overall by 10.6 percent compared to the same time last year in all three counties. Individually, single-family See SUPPLY page 3