Coastal real estate sees solid return
T
he years of wondering when the ups and down of real estate would end are over on the Maryland coast, where sustained month-to-month sales increases over previous years have put that question to rest.
At the end of October, real estate sales in the Worcester County market was the best since 2005, and showed no signs of slowing.Total units sold so far this year: 1,447. This compares to 1,275 in October 2012 and a lowly 1,198 units in October 2010. In the Ocean City condominium market alone, statistics compiled by the Coastal Association of Realtors showe an 11.6 percent increase over October 2012, jumping to 768 units sold from 688 last year. Also an encouraging sign for the health of the resort housing market is the apparent end of sagging prices. Last January, as an example, the average sale price of a residential unit was $250,209, which was down some $15,000 from the average price for the month of January 2012. But last month, the average sale
Units sold: 1,198
price of a residential unit was $273,300, according to the Maryland Association of Realtors.. Throughout the summer and into the fall, prices in 2013 routinely beat the numbers posted for the individual months in 2012 Meanwhile, mortgage rates continue to remain exceptionally low, especially in Maryland. Zillow, which tracks real estate and related industries, reported on Nov. 22 that the average rate in Maryland was 4.14 percent, three basis points lower than the national average. It also reported that home values are showing increases, with statistics for the coastal area showing an average value slightly higher than the prices being paid. Low interest rates and moderatebut-rising prices have led to increased buyer activity throughout
Units sold: 1,223
Worcester, defying the dampening trend cited earlier in the month by the National Association of Realtors. Even then, according to NAR economist Lawrence Yun, home prices continue to post moderate gains because of shrinking inventory. That is the same situation in this area, where the active housing inventory recorded in October was 1,774 units as compared to a whopping 2,675 in October 2009.
Units sold: 1,275
Units sold: 1,445