A Week In Business – March 16, 2018

Real Estate Market Recap

BERLIN — Local home prices are down, according to the latest numbers from the Coastal Association of REALTORS® (CAR).

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The graphic recaps the key statistics for the shore housing marketing. Image courtesy of CAR

February 2018 saw an overall 25.2-percent dip in single family home and condominium average sale prices compared to the same time last month in Somerset, Wicomico, and Worcester counties. Individually, single-family home prices decreased by 29.9 percent in Worcester, by 20.3 percent in Wicomico and by 43.7 percent in Somerset. Condominium sale prices increased by 4 percent in Worcester and decreased by 71.2 percent in Wicomico. There was no data available for Somerset condominium sale prices. Listing prices in all three counties also decreased by an overall 25.2 percent.

Inventory was down overall by 11.2 percent in all three counties compared to the same time last year. Individually, single family home inventory was down by 20.9 percent in Worcester and by 32.5 percent in Wicomico; but was up by 11.8 percent in Somerset. Condominium inventory increased by five percent in Worcester, by 66.7 percent in Wicomico, and by three percent in Somerset.

Contracts were down overall by 3.8 percent compared to the same time last year. Individually, single family home contracts were up by 8.5 percent in Worcester and by 20.5 percent in Wicomico; but were down by 20 percent in Somerset. Condominium contracts were down by 25 percent in Worcester and were up by 10 percent in Wicomico. There were no condominium contracts in Somerset.

Settlements were down overall by 21 percent compared to the same time last year in all three counties. Individually, single family home settlements were down by 39.6 percent in Worcester, by 19.4 percent in Wicomico, and by 53.3 percent in Somerset. Condominium settlements were up by 5.2 percent in Worcester and down by 42.9 percent in Wicomico. There were no condominium settlements in Somerset.

Days on market was down overall by 6.2 percent compared to January 2018.

“The local market slowed down a bit in February, which is relatively normal for this time of year,” said CAR President Joel Maher. “The decrease in prices definitely opens a good window for anyone who is considering buying anytime soon. This is also a good time to catch lower mortgage interest rates, which are increasing and are expected to surpass five percent by the end of the year.”


New Golf Packages

OCEAN CITY — Ruark Golf announced the launch of Ruark Golf Packages to provide an informative, convenient and cost-effective service for golf vacationers traveling to Ocean City.

“As the owner and operator of four of Ocean City’s top-rated golf facilities, Ruark Golf has an intimate connection to the local golf scene and all it has to offer,” said Chris Harrison, general manager of Ruark Golf Packages. “Ruark Golf Packages was created as a resource for golf travelers to help them determine the best fit for their group to dine, stay and play, whether it’s at one of our clubs or any of the other exceptional golf options in the area.”

The four clubs under the Ruark Golf umbrella are GlenRiddle Golf Club, featuring two golf courses (Man O’ War and War Admiral), The Links at Lighthouse Sound, Rum Point Seaside Golf and Nutters Crossing Golf Club. The company’s website is www.RuarkPackages.com.

Other nearby golf options include The Bay Club, Bayside Resort, Baywood Greens, Bear Trap Dunes, Eagle’s Landing Golf Course, Heritage Shores Club, Newport Bay at OC Golf Club, Ocean City Golf Club, Ocean Pines Golf & Country Club, River Run by Gary Player and The Rookery North & South.

Seaside lodging in Ocean City includes familiar brands as well as independent establishments offering everything from spacious suites with kitchens to standard double queen rooms. Lodging options are typically available for packaging.

“Golf vacations mean different things to different people,” said Harrison. “Some like to cram in as many holes as possible, others prefer to carve out time to enjoy the beach with family and friends. Ruark Golf Packages specializes in finding the best lodging option for each group.”