BERLIN – Spring and summer are traditionally the busiest time of the year for real estate sales and the latest figures from the Coastal Association of REALTORS® (CAR) reflects this year being no exception.
According to CAR’s local housing statistics for May, settlements of single family homes in the tri-county area are up 19.7 percent compared to the same time last year. This is the highest sales increase the area has seen so far this year. Individually, Wicomico County saw a 28.6-percent increase, Worcester County a 36.1-percent increase, and Somerset County an 80-percent increase.
Contracts, or pending sales, for single family homes and condominiums are still up, reflecting a 25.5-percent increase throughout the Lower Shore. List prices are up by 3.9 percent since last month, averaging at $185,111. Sales prices also show an increase of 6.4 percent, averaging at $177,125. More properties are selling closer to their listing price, which reflects the value of local homes as well as accurate work done by local REALTORS® and affiliates.
New listings of single-family homes and condominiums are down by 10.5 percent, which is partially reflective of a national trend of limited inventory. Days on market increased by 25.7 percent.
“Last month, we saw increased contracts, which we knew would translate into increased settlements as we delve deeper into our busy season,” said Vicki Harmon, 2015 President of the CAR Board of Directors. “It’s all up hill from this point, as our REALTORS® and affiliates continue working hard to provide the most professional, top notch service available to their clients.”
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®.