NOVEMBER NOV - DEC 2015
NEW CAR BOARD The Coastal Association of Realtors last month installed its officers and directors for 2015-16. They are, in back row, from left, Treasurer Terrence McGowan, Director Courtney Wright, President-Elect Don Bailey, Director Stan Zaremba, Secretary Wesley Cox and Director Tony Prochazka, and in front, Director Joe Wilson, Vice President Joel Maher, President Linda Moran, Director Bernie Flax and Director Jeff Powell. See story page 8.
Fourth quarter sees settlements increase BERLIN – The Lower Eastern Shore kicked off the fourth quarter of 2015 with increased home settlements, according to the latest figures from the Coastal Association of Realtors (CAR). CAR’s local housing statistics for October 2015 showed an overall 9.7 percent increase in settlements of single family homes and condominiums compared to the same time last year in Somerset, Wicomico and Worcester counties. Single-family homes in Wicomico and Worcester counties saw the highest jump in settlements, increasing by 16.9 percent and 8 percent, respectively. Condominiums in Worcester County also saw a significant increase of 15.7 percent compared to the same time last year. Overall contracts, or pending sales, were also up by 30.1 percent. Single-family homes in Worcester County saw the most impressive hike in contracts with a 53.3 percent in-
crease compared to the same time last year. Local inventory is decreasing slightly, as the three counties collectively saw a 5.4 percent dip in listings. This tight supply of homes is likely directly correlated to spikes in listing prices and sales prices, which increased overall by 24.3 percent and 23.7 percent, respectively, compared to last month. Days on market increased by 12 percent. “Overall, the local market is doing well,” said CAR President Linda Moran. “The mild weather we are experiencing on the Shore makes for ideal conditions to show homes, which translates into more sales for our members.” CAR’s monthly local housing statistics are pulled from the association’s Multiple Listing Service, which represents the activity of more than 1,000 local Realtors in Somerset, Wicomico and Worcester counties. Visit www.coastalrealtors.org for more information.