A Week In Business – August 12, 2016

Annual Awards Presented

OCEAN PINES – In recognition of their hard work to uphold the highest of industry standards, seven local real estate professionals were honored during the Coastal Association of REALTORS® (CAR) 2016 Annual Awards ceremony on Wednesday, Aug. 3, at the Ocean Pines Yacht Club.

Among those recognized at last week’s Coastal Association of REALTORS® Annual Awards ceremony were, from left, Bernie Flax of EXIT Realty at the Beach, Frances Sterling of ERA Martin & Associates, Joan Catlin of ERA Martin & Associates, Don Bailey of Coldwell Banker Residential, Hope Morgan of MNET Mortgage Corp., Laurie Crawford of ERA Martin & Associates and Wesley Cox of Sperry Van Ness Miller Commercial Real Estate. Submitted Photo

Among those recognized at last week’s Coastal Association of REALTORS® Annual Awards ceremony were, from left, Bernie Flax of EXIT Realty at the Beach, Frances Sterling of ERA Martin & Associates, Joan Catlin of ERA Martin & Associates, Don Bailey of Coldwell Banker Residential, Hope Morgan of MNET Mortgage Corp., Laurie Crawford of ERA Martin & Associates and Wesley Cox of Sperry Van Ness Miller Commercial Real Estate. Submitted Photo

Don Bailey, a REALTOR® with Coldwell Banker Residential in Salisbury, was recognized as this year’s REALTOR® of the Year for being an enthusiastic and driven leader, as well as a vital member of CAR, serving in top leadership roles and soon-to-be serving as the association’s 2017 president. Bailey completed the Maryland Association of REALTORS® (MAR) Leadership Academy in 2014 and holds the Short Sales and Foreclosure Resource certification. He is a regular volunteer for Habitat for Humanity and has earned numerous awards and recognitions, including the Coldwell Banker Outstanding Sales Performance Award, appointment to the Coldwell Banker International Sterling Society, and recognition as a Pinnacle Certified Association Leader.

Joan Catlin, a REALTOR® with ERA Martin & Associates in Salisbury, received this year’s Lifetime Achievement Award for her extensive work in the local real estate industry, as well as her steadfast participation as a volunteer for the association and for local charitable causes. Catlin has been a REALTOR® for over 40 years and has served on just about every committee within the association and president of the Board of Directors. Catlin is an active member and volunteer at First Baptist Church of Mardela and is past president and current member of the Mardela Volunteer Fire Company Auxiliary, as well as chair of the Women’s Group of Wicomico County Farm Bureau.

Bernie Flax, a REALTOR® and broker with EXIT Realty at the Beach in Ocean Pines, was recognized with this year’s Outstanding Achievement Award. Flax is a member of CAR’s board of directors and is an active volunteer for several association committees. She is also very active with the Women’s Council of REALTORS®, Habitat for Humanity, and Dove Pointe, among other organizations. Flax opened EXIT Realty at the Beach in October 2015 with the goal of running a local, boutique-style independent franchise that focuses on the person, lifestyle, and total experience of clients.

Wesley Cox, a REALTOR® with Sperry Van Ness Miller Real Estate in Salisbury, won this year’s Outstanding Commercial REALTOR® Award. A current member of the CAR board of directors, Cox has served the association extensively on various committees and task forces, while also completing MAR Leadership Academy in 2014 and receiving the MAR Community Service Award in 2015.

Frances Sterling, a REALTOR® with ERA Martin & Associates in Salisbury, received this year’s Rising Star Award for being a newer member who is thriving in the local industry. Sterling serves on CAR’s Multiple Listing Service Committee and holds her Accredited Buyer’s Representative and Graduate REALTOR® Institute designations from NAR.

Laurie Crawford, a REALTOR® with ERA Martin & Associates in Salisbury, won this year’s REALTOR® Community Service Award for her extensive philanthropic work. Crawford is an active member of CAR, serving in many capacities for the association’s legislative efforts. She is also active with the Friends of Poplar Hill Mansion, the Salisbury Area Chamber of Commerce, the Walk to End Alzheimer’s, the American Cancer Society, Habitat for Humanity, and the Humane Society, among others.

Hope Morgan of MNET Mortgage Corp. in Salisbury was recognized with this year’s Outstanding Affiliate Award for being a key supporter of CAR’s affiliate and community outreach efforts, having sponsored several association events and participating in community efforts such as last year’s Caroling Crawl of local nursing homes. Morgan serves on the executive board of Salisbury Neighborhood Housing Services, while also volunteering for Three Lower Counties Community Services, Coastal Hospice, Delmarva Zoological Society, and Wicomico Help and Outreach Point of Entry.

“I’d like to congratulate our award winners, as well as all of our nominees,” said CAR President Linda Moran. “We have many active and valuable association members and we truly appreciate each and every one of them. The success of our association is highly dependent on the great work of our member volunteers.”

July Market Recap

BERLIN – A continued decrease in inventory on the Lower Shore is impacting home settlements, according to the latest figures from the Coastal Association of REALTORS® (CAR).

July 2016 showed an overall 16-percent decrease in inventory in Somerset, Wicomico, and Worcester counties, compared to the same time last year.

A review of July’s real estate activity is shown. Image courtesy of CAR

A review of July’s real estate activity is shown. Image courtesy of CAR

Contracts, or pending sales, were up overall in the Tri-County area by 10.1 percent, compared to the same time last year. Individually, contracts for single family homes increased by 50.9 percent in Worcester County and by 6.3 percent in Somerset County. Wicomico County single family homes saw a five percent decrease in contracts.

Settlements were exactly the same as they were last year, with a total of 268 settlements in Somerset, Wicomico, and Worcester counties.

Average days on market increased by 5.4 percent, listing prices decreased by 0.05 percent and sales prices increased by 0.6 percent.

“We had a surge in settlement activity in the spring, and the market has slowed a bit due to continued inventory shortages,” said CAR President Linda Moran. “Not only is the limited inventory impacting the number of settlements, but it is also slightly increasing sale prices. Now would be a great time to put your home on the market because there is a definite need for inventory to keep up with demand.”

The Maryland Association of REALTORS® (MAR) reported similar trends across the state last month, as did the National Association of REALTORS® (NAR) across the country.

“Unfortunately for prospective buyers trying to take advantage of exceptionally low mortgage rates, housing inventory at the end of last month was down almost six percent from a year ago, and home prices are showing little evidence of slowing to a healthier pace that more closely mirrors wage and income growth,” said NAR Chief Economist Lawrence Yun. “Until inventory conditions markedly improve, far too many prospective buyers are likely to run into situations of either being priced out of the market or outbid on the very few properties available for sale.”

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.

Designation Earned

Linda Moran

Linda Moran

OCEAN CITY — Linda Moran with Berkshire Hathaway HomeService has been awarded the Accredited Buyer’s Representation (ABR®) designation by the Real Estate Buyer’s Agent Council (REBAC) of the NATIONAL ASSOCIATION OF REALTORS®.

Moran joins more than 30,000 real estate professionals in North America who have earned the ABR® designation. All were required to successfully complete a comprehensive course in buyer representation and an elective course focusing on a buyer representation specialty, both in addition to submitting documentation verifying professional experience.