OCTOBER 2016
Real Estate
THE COASTAL REAL ESTATE RESOURCE Coastal Association of Realtors/Ocean City Today
CAR forum tests Berlin candidates
At the CAR Berlin candidates forum (from left): Joseph Wilson, chairman of CAR’s Government Affairs and RPAC Committees and a member of the CAR Board of Directors; Lisa Hall, candidate for mayor; Gee Williams, candidate for mayor; CAR President Linda Moran; Jack Orris, candidate for Town Council District 2; and Zackery Tyndall, candidate for Town Council District 2. Following the forum and CAR’s own interviews with the candidates, the association endorsed Williams for mayor and Tyndall for Town Council.
(BERLIN) — The Coastal Association of Realtors(CAR) hosted a public forum on Wednesday, Sept, 7, at its Berlin facility for the candidates in the upcoming Berlin municipal election. Roughly 40 residents and elected officials attended the forum, held in CAR’s Training Center on Franklin Avenue. Refreshments were provided by CAR. Each candidate had the opportunity to answer a variety of questions during the forum, with some questions prepared ahead of time by CAR and some written by residents in attendance. The topics discussed included economic development, annexation, town spending, and street and sidewalk repair, among others. “We heard that no other local business or organization was having a forum for this election, and since we are headquartered in Berlin, it made sense for us to host an opportunity for the residents to interact with Continued on page 20
Area housing inventory continues to decline Busy autumn expected as mortgage interest rates appear to be headed for increase, and contracts surge
(LOWER EASTERN SHORE, MD)– For the fifth month in a row, inventory numbers decreased on the Lower Eastern Shore, according to the latest figures from the Coastal Association of Realtors (CAR). August 2016 showed an overall 5 percent decrease in new inventory in Somerset, Wicomico, and Worcester counties, compared to the same time last year. Individually, single-family home listings were down by 1.9 percent in Worcester County, by 7.8 percent in Wicomico County, and by 3.2 percent in Somerset County. Wicomico County saw a 21.3 percent increase in new condominium listings, while Worcester County saw the same number of condominium listings as the year before. Somerset County’s condominium listings decreased by a whopping 91.7 percent. New contracts, or pending sales, were up overall in the TriCounty area by 19.4 percent, compared to the same time last year. New single-family home con-
tracts were up by 18.1 percent in Worcester County, by 27.9 percent in Wicomico County, and by 31.3 percent in Somerset County. New settlements were down slightly, by four percent. Average days on market decreased by 13.2 percent and listing and settlement prices increased by 26 percent and 25.9 percent, respectively. “We don’t generally anticipate a lot of settlements in late summer because everyone is either on vacation or getting ready to go back to school,” said CAR President Linda Moran. “But as we draw closer and closer to increased mortgage interest rates, we believe we’ll see more deals hit the settlement table.” Last month, the Maryland Association of Realtors (MAR) also reported decreased inventory and settlement numbers, citing the general public’s focus on vacations. “We will see more listing and sales in the fall, which will result in a lot more activity for both sellers and buyers,” said MAR
President Bonnie Casper. “We expect a vibrant autumn market.” The National Association of Realtors (NAR) is also reporting similar trends throughout the country. “Amidst tight inventory conditions that have lingered the entire summer, contract activity last month was able to pick up at least modestly in a majority of areas,” said Lawrence Yun, NAR chief economist. “More home shoppers having success is good news for the housing market heading into the fall, but buyers still have few choices and little time before deciding to make an offer on a home available for sale. “There’s little doubt there’d be more sales activity right now if there were more affordable listings on the market.” CAR’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.