Real Estate
SEPTEMBER 2018
THE COASTAL REAL ESTATE RESOURCE Coastal Association of Realtors/Ocean City Today
Twenty-two join CAR in August
Berlin, Md. – The Coastal Association of Realtors welcomed 22 new members during new member orientation on Wednesday, Aug. 15. New member orientation is a requirement for all members of the association. Attendees are introduced to services provided by the association. The class is held quarterly. “We welcome these new members and wish them the best of luck,” said Coastal President Joel Maher.
Twenty-two new members of the Coastal Association of Realtors line up for their group photo during the new member orientation, which is required for all members of the association.
Low inventory driving up home prices
Lower Eastern Shore — A drop of more than 25 percent in housing inventory on Maryland’s lower Eastern Shore has led to higher list and sale prices, the latest numbers from the Coastal Association of Realtors show. As July ended, 2,666 residential units were available in the region as compared to 3,582 in July 2017, a 25.5 percent drop. Active listings are down by 30 percent in Worcester County, by 25.5 percent in Wicomico County, and by 10.6 percent in Somerset County. July’s new listings saw a 3.5 percent bump compared to the same time last year. Listings were up 1.1 percent in Wicomico and by 85.7 percent in Somerset, but down 5.7 percent in Worcester. With limited inventory comes multiple offers and increased prices. The median list price on the lower shore is $189,900, 18.8 percent higher than this time last year. The median sale price is $160,000, or 11.8 percent higher than in July 2017. Settlements are down slightly compared to July 2017. Settlements are 8.7
percent lower and year-todate settlements are 7.6 percent lower. July settlements were down 6.3 percent in Worcester and 13.6 percent in Wicomico, while Somerset saw a 4.3 percent increase. Homes that are selling are leaving the market faster, as the median Cumulative Days on Market (CDOM) for the tri-county area was almost 50 percent lower in July, compared to the same time last year. CDOM decreased 49.1 percent in Worcester and 36.8 percent in Somerset. CDOM increased by 28.6 percent in Wicomico. “Limited local inventory is driving our numbers down across the shore, as it’s done for the past few years,” said Coastal President Joel Maher. “However, we are still very busy because there is definitely a demand for housing in our area. Also, the market is very competitive.” Coastal’s monthly local housing statistics are pulled from the Bright Multiple Listing Service, which represents the activity of more than 1,000 local Realtors in Somerset, Wicomico and Worcester counties, as well
as 85,000 real estate professionals across the Mid-Atlantic. The Bright MLS service area includes Mary-
land, Delaware, New Jersey, Pennsylvania, Virginia, Washington, D.C., and West Virginia.
NEW MEMBERS: From left, are John Rego of Shamrock Realty Group in Ocean Pines; Marjorie Eckerd of Joe Maggio Realty in Rehoboth Beach; Cody Webster of ARE Pros in Seaford. Kimberly Clark of Berkshire Hathaway HomeServices PenFed Realty in Ocean Pines; Tara Wancowicz of Berkshire Hathaway HomeServices PenFed Realty in Ocean Pines. Brooks Decker of Condominium Realty in Ocean City; Jacqueline King of Esham Real Estate in Salisbury; Gaije Hallstrom of Keller Williams Realty of Delmarva in Ocean City; Chrystal Kromidas of Esham Real Estate in Salisbury; Kimberly Sentman of Keller Williams Realty of Delmarva in Salisbury. Donna Frankowski of Shamrock Realty Group in Ocean Pines; Torlondo Tucker of Whitehead Real Estate Executives in Salisbury; Francine McGoldrick of Long & Foster in Chincoteague; Lisa Shrieves of Keller Williams Realty of Delmarva in Salisbury. Anna Spann of Hileman Real Estate in Berlin; Dionne Carter of Keller Williams Realty of Delmarva in Salisbury. Lauren Buchanan of Hileman Real Estate in Berlin; Austin Cox of Long & Foster Real Estate in Salisbury. Rebecca Bowden of Safe Harbor Realty in Salisbury; Amber Waller of Whitehead Real Estate Executives in Salisbury; Tyrrell Brewington of Keller Williams Realty of Delmarva in Salisbury; and Chelsey Breitschwerdt of Whitehead Real Estate Executives in Salisbury.