Long & Foster

(WASHINGTON) – Existinghome sales decreased in March, marking two consecutive months of declines, according to the National Association of Realtors. Month-overmonth, sales in March waned in three of the four major U.S. regions while holding steady in the West. Sales were down across each region year-over-year.

Total existing-home sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, dipped 2.7 percent from February to a seasonally adjusted annual rate of 5.77 million in March. Year-over-year, sales fell 4.5 percent (6.04 million in March 2021). "The housing market is starting to feel the impact of sharply rising mortgage rates and higher inflation taking a hit on purchasing power," said Lawrence Yun, NAR's chief economist. "Still, homes are selling rapidly, and home price gains remain in the double-digits."

With mortgage rates expected to rise further, Yun predicts transactions to contract by 10 percent this year, for home prices to readjust, and for gains to grow around 5 percent.

Total housing inventory at the end of March totaled 950,000 units, up 11.8 percent from February and down 9.5 percent from one year ago (1.05 million). Unsold inventory sits at a 2.0-month supply at the present sales pace, up from 1.7 months in February and down from 2.1 months in March 2021.

The median existing-home price for all housing types in March was $375,300, up 15.0 percent from March 2021 ($326,300), as prices rose in each region. This marks 121 consecutive months of year-overyear increases, the longest-running streak on record. "Home prices have consistently moved upward as supply remains tight," Yun said. "However, sellers should not expect the easy-profit gains and should look for multiple offers to fade as demand continues to subside."

Properties typically remained on the market for 17 days in March, down from 18 days in February and 18 days in March 2021. Eighty-seven

KAREN RUSSO CELL: 410-262-7320

MARY MCCRACKEN CELL: 410-430-7302 LONG & FOSTER REAL ESTATE, INC. LONG & FOSTER REAL ESTATE, INC.

11701 Coastal Hwy | Ocean City Square Shopping Center | 410-524-1700 11701 Coastal Hwy | Ocean City Square Shopping Center | 410-524-1700 WE HAVE BUYERS IF YOU WISH TO SELL GIVE US A CALL TODAY!

SOLD

38841 TYLER AVE

SELBYVILLE, DE

Waterfront 4BR/3.5 BA Stucco Colonial w/5 Decks & One Car Attached Garage in Sought-After Cape Windsor. Stunning features, Bonus Upper-Level Room, Sliding Glass Access to Expansive 30 x 9 $925,000 Upper-Level Waterfront Deck w/Spectacular Views of The Canal, Bay And Ocean (DESU2008628) City/Fenwick Skyline. As Well As Upper-Level Master Suite, Bedroom 3 w/Sliding Glass Access to Private 14 x 6 Upper Level Balcony. Exterior Of Residence is an Outdoor Waterfront Oasis w/Waterfront Covered Rear Patio 9x27 Composite Deck w/Vinyl Railings, Lower Level 25x28 Composite Sun Deck, Vinyl Fenced Rear Yard, Boat Dock w/Electric Boat Lift, Landscaping, Paver Sidewalk and 8x6 Vinyl Shed to Store Your Boat & Beach Toys All Perfect for Outdoor Entertaining and Waterfront Fun. Furniture Negotiable. HOA Amenities Include Community Pool and Boat Ramp. SOLD

14 68TH STREET, UNIT 105 OCEAN CITY

2BR/2BA condo in Sea Lodge on ocean block 68th street. Tastefully decorated and furnished. Wood grain ceramic tile plank throughout, open floor, updated kitchen $391,500 with breakfast bar, upgraded countertops, tile backsplash, recessed lights, stainless steel (MDWO2006196) appliances, double oven, white cabinets with pantry, primary bedroom w/updated bath including shower w/ceramic tile surround, spacious 2nd bedroom with ample room to accommodate several guests and updated full hall bath and hall laundry w/W/D. Centrally located to everything the beaches have to offer including easy access to the route 90 bridge. Ground floor location allows for easy check in, check out and access to beach. A must see!!! PENDING

12902 ASSAWOMAN DRIVE OCEAN CITY

Rarely available lot in prime, sought-after location with utilities available. The approximately 50 x 100 $835,000 lot previously housed a 4 unit building (MDWO114874) with some ocean views. Steps from the beach & convenient to many goods & services. All information by the county/city.

PENDING

CENTURY I #1412

$625,000 2bed/2 bath Direct Oceanfront at 99th St. Master Suite and Living Room with Private Balconies overlooking ocean. Bayfront Bedroom also with Private Balcony and Beautiful View. 2 level floor plan offers large space for everyone! Great Rental investment or perfect second home.

PLAZA #713

3Bed/2Bath Direct Oceanfront at 98th St. North End Condo with Private Bayside Patio and Direct Oceanfront Balcony. Over 1600sq ft of living space with large living room and master suite $795,000 overlooking the ocean. Second Bedroom has balcony sliders to bayside patio deck with beatiful views of the bay. Premiere Oceanfront Building with Heated Outdoor and Indoo Pool, Kiddie Pool, Tiki Bar/Grill, Hot Tub and Sauna, On-site Management and 24Hr Security, plus Parking for 2 and Beach Storage.

BRUFF ISLE #4

$750,000 Bayfront at 70th St. Gorgeous 3bed/3bath Bayfront Townhome. 2 Boat Slips with deep channel plus Gorgeous Natural Views of Bay and Bird Sanctuary. Custom Renovations with Plank Flooring, Updated Kitchen (granite, backsplash, hardware), Trim and Baths. Huge 12x20 Patio and 10x20 Deck plus Garage, with storage.

TOM NIEMKIEWICZ CELL: 410-603-2136

NEW LISTING 719-B BRADLEY ROAD UNIT 203B OCEAN CITY

Come and enjoy your own getaway on the water in this 2BR/2BA unit w/many upgrades $350,000 inside as well as the building itself including a new vinyl bulkhead, (MDWO2006716) all totally paid for by the current owners. This unit has easy access to the condos beautiful outdoor pool and front of the building parking. Its 2nd floor location gives you privacy and the best view of the open bay. Boat slips are managed by the association. The midtown location is convenient to the beach, restaurants, shopping, a neighborhood park, and a public boat ramp. NEW LISTING

10900 COASTAL HIGHWAY UNIT 710 OCEAN CITY

A great direct oceanfront fully furnished efficiency unit just high enough to have unobstructed views of all the beach front amenities such as the outdoor pool, kiddie pool, tennis courts, private beach & volleyball court, lounge & $255,000 (MDWO2007350) shopping area, tiki bar & food stand and out to the beach and ocean. Also, the Golden Sands offers, at the penthouse level, outstanding views of ocean and bay while you enjoy the sky lit indoor pool, fitness room, saunas, lounge, and game room. A great getaway w/the possibility of having an attractive rental unit. A must-see unit and condo.