September 2014
Pending sales figures point to rebound Settlements dip, but future looks good for fall sales
Joe Wilson, Rookie Realtor®; P.J. Aldridge, Lifetime Achievement Award; Jamie Wetzelberger, Affiliate of the Year; Brandon Brittingham, Realtor® of the Year; and Wes Cox, Community Service Award.
Realtors honored at annual dinner In recognition of their hard work to uphold the highest of industry standards, five local real estate professionals were honored during the Coastal Association of Realtors® 2014 Annual Awards ceremony on Wednesday, Aug. 13 at the Ocean City Marlin Club. Ocean City Mayor Rick Meehan was the guest speaker during this year’s award ceremony. Meehan is a Realtor® with Coldwell Banker Residential Brokerage and has been a CAR member for 23 years. P.J. Aldridge, a Realtor ® for Condominium Realty in Ocean City, received this year’s Lifetime Achievement Award for his extensive work in the local real estate industry, as well as his numerous civic and charitable contributions to his community. A Realtor® for the entirety of his adult life, Aldridge has been appointed to various Ocean City government boards, as well as CAR’s board of directors and numerous association committees. After being diagnosed in 2010 with Stage IV lung cancer, Aldridge created the P.J. Aldridge Foundation,
whose mission is to save lives by providing funding for the research of lung cancer. Brandon Brittingham, of Long & Foster Real Estate in Salisbury, was recognized as CAR’s Realtor® of the Year because of his success within the industry as a salesperson and team builder, as well as his charitable contributions and willingness to assist the association by serving on committees and working on special projects. Brittingham has done extensive work in homeowner education, foreclosure prevention, and short sale education. He also awards three Brandon Brittingham Scholarships each year to local high school students. Wesley Cox’s lengthy civic activity resume earned him this year’s Community Service Award. A Realtor® for Sperry Van Ness-Miller Commercial Real Estate in Salisbury, Cox regularly volunteers for numerous local organizations, including the Christian Shelter, the Salvation Army, the Mission of Mercy, and the Chesapeake Housing Mission. Cox has also delivered food to families that could not afford Thanksgiving dinner, delivered dictionaries to
all third graders in Wicomico County, and has helped create an entrepreneurial training program for veterans, among other efforts. Jamie Wetzelberger, vice president and branch manager for Suntrust Mortgage Eastern Shore, is CAR’s 2014 Affiliate of the Year. An advocate for the association, Wetzelberger has served on numerous committees and regularly volunteers and donates to various local charities, including Habitat for Humanity, United Way, the American Cancer Society, the Autism Foundation, and the ALS Foundation, among others. Wetzelberger is committed to providing top quality service through continuing education, and is currently a student of the Harvard Mentor Program. Joe Wilson, of Condominium Realty in Ocean City, was recognized as this year’s Rookie Realtor®. An association member for just over two years, Wilson has served on CAR’s Strategic Planning and Finance committees, and is currently serving on the 2014 Election Committee. Wilson has already achieved five professional designations.
While settlements dipped in July across the Tri-County area, an increase in contracts, or pending home sales, points to a rebound in the coming months, according to the latest figures from the Coastal Association of Realtors® (CAR). In comparison to July 2013, Wicomico County’s single family home settlements increased by 25.6 percent last month; Sheila Dodson but the county’s Executive Director condominium settlements decreased by 37.5 percent. Worcester and Somerset counties, as well as Ocean City, saw an across-theboard decline in single-family home and condominium settlements. However, while pending sales of condominiums appear to be down, contracts for single-family homes are up in all three counties and in Ocean City. Additionally the average number of days that homes spend on the market has largely decreased in all areas, reflecting a faster turnaround on sales. According to the National Association of Realtors® (NAR), the country saw a modest decrease in contract signings throughout June, which is likely the product of ongoing challenges – such as supply shortages, flat wages and tight credit conditions – that impede full sales potential. NAR’s figures for July have not yet been released. Despite this decrease, Lawrence Yun, NAR’s chief economist, sees an uptick in sales ahead. “The good news is that price appreciation has decreased to its slowest pace since March 2012 behind much needed increases in inventory,” Yun said. “With rents raising 4 percent annually, potential buyers are less likely to experience sticker shock and can make smart decisions on whether or not it makes sense to buy or continue renting.” The Lower Shore should expect the same sort of uptick, according to Sheila Dodson, executive director of CAR. “The encouraging increase in contracts shows there’s a light at the end of the tunnel,” Dodson said. “More people are leaning on local Realtors® to help them find their family homes and we’ll likely see better numbers in the coming months as those contracts go to settlement.”