A Week In Business

Monthly Market Recap

BERLIN – The Lower Eastern Shore kicked off 2016 with a spike in pending sales, according to the latest figures from the Coastal Association of REALTORS® (CAR).

A review of the housing market for January is shown. Image by CAR

A review of the housing market for January is shown. Image by CAR

CAR’s local housing statistics for January 2016 showed an overall 23.6 percent increase in pending sales, or contracts, compared to the same time last year in Somerset, Wicomico and Worcester counties.

Single-family home contracts in Somerset saw the largest increase of 75 percent, while single family home contracts in Wicomico and Worcester increased by 23.7 percent and 10.9 percent, respectively.

Settlements of single family homes and condominiums were largely down, with the exception of a 15.6-percent increase in condominium settlements in Worcester County.

Local inventory declined, this month by 9.9 percent compared to the same time last year in all three counties. Listing and sales prices were down by 17.9 percent and 20.1 percent, respectively, compared to December 2015.

“A slight decline in inventory, coupled with decreased listing and sales prices, creates a favorable market for any potential buyers who may be sitting on the fence, waiting for a good time to buy,” said CAR President Linda Moran. “As usual, we expect those increased contracts to become increased settlements in the coming months. Overall, our members are busy and January’s numbers indicate the beginning of an active year in local real estate.”

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.

Businesses Invited To Join OC Partnership

OCEAN CITY — The Ocean City Convention and Visitors Bureau (CVB) is inviting the business community to join its marketing partnership, which last year boasted over 6.5 million page views by 1.3 million unique visitors on ococean.com, the official Ocean City tourism website.

Members of the Ocean City Convention and Visitors Bureau have the opportunity to grab the eyes of millions of potential customers for just $300 per year for each location listing on the official tourism website.

“Our CVB offers a great partnership with local businesses to provide outreach and marketing efforts to millions of potential customers,” said Ocean City Director of Tourism, Donna Abbott. “In addition to increasing business exposure, members have the ability to connect with a network of professionals and other business members in a cohesive, powerful, group-marketing entity. We work for a single purpose: to promote Ocean City Maryland as a premier vacation and meeting destination.”

The CVB partnership includes a listing on the tourism website ococean.com, ability to place rack cards in the Visitor Center in the Convention Center on 40th Street and the opportunity to participate in special marketing opportunities throughout the year. Partners may also post specials and deals on the site for more exposure.

Bank Appointment

OCEAN CITY – Reid Tingle, President and CEO of Bank of Ocean City, along with the Board of Directors, announced this week Jennifer Jones has been appointed as Bank of Ocean City’s BSA Officer.

Jennifer Jones

Jennifer Jones

Jennifer joined the bank in 2015 with over 25 years of banking experience. Jones is an active member of Independent Community Bankers of America, where she has obtained certifications as Community Bank Internal Auditor, Compliance Officer, Bank BSA/AML Professional and several other certifications. She is a member of ACFCS (Association of Certified Financial Crimes Specialist) and is also active in several community organizations including Del-Mar-VA Council Boy Scout Troop 90.

Bank of Ocean City is a locally-owned, independent community bank. Established in 1916 and headquartered in West Ocean City, the bank has six offices — four in Ocean City, one in Ocean Pines and one in Berlin.