BERLIN – Home listing prices and sales prices are on the rise in the Tri-County area, according to the latest figures from the Coastal Association of REALTORS® (CAR).
The November 2014 CAR Local Housing Statistics reflect an 11.5-percent jump in the average listing price and an 11.3-percent spike in the average sales price of single family homes and condominiums, compared to October 2014.
“Rising listing and sales prices reflect more and more homeowners having the ability to sell,” said Sheila Dodson, executive director of CAR, pointing out that the National Association of REALTORS® annual survey, released last month, revealed that the typical seller over the past year was in their home for 10 years before selling, which is an all-time survey high for tenure of home. “It’s a very encouraging sign both locally and nationally.”
Condominiums in Wicomico County saw the largest increase in average listing price at 11.2 percent. Single-family homes in Somerset County saw the largest increase in sales prices at 46 percent.
The average listing price for condominiums and single family homes in all three counties during November 2014 was $196,278 and the average sales price was $185,399.
Contracts, or pending sales, continue to increase, with a total 40-percent jump in the Tri-County area compared to the same time last year. Settlements, or completed sales, fell off a bit, decreasing by 4.1 percent. October’s settlements saw a 3.9-percent increase compared to the same time last year, which was the first increase the area has experienced in several months. However, Linda Moran of Prudential PenFed Realty in Ocean City, said she expects the month of December will see a significant surge in settlement numbers.
“Most buyers will want to settle before the end of the year for tax write-off purposes,” Moran said. “The market is good and will continue to be good through the end of the year.”
November’s statistics also reflected a decrease in days on the market for single-family homes in Wicomico and Worcester counties. Wicomico saw an 11 percent decrease and Worcester saw an 8.5-percent decrease.
Visit www.coastalrealtors.org for more information about CAR’s local housing statistics.