A Week In Business – April 20, 2018

A Week In Business – April 20, 2018

Low Inventory Volume Brings Sellers’ Market

BERLIN – Low inventory numbers are driving up sale prices and creating an attractive sellers’ market, according to the latest numbers from the Coastal Association of REALTORS® (CAR).

March 2018 saw an overall 2.7 percent dip in single-family home and condominium listings compared to the same time last year in Somerset, Wicomico and Worcester counties. Individually, single-family home listings decreased by 3.3 percent in Wicomico and by 3.7 percent in Somerset, but increased by 10.6 percent in Worcester. Condominium listings decreased by 7.4 percent in Wor-cester, by 26.7 percent in Wicomico, and by 42.9 percent in Somerset.

These lower inventory numbers are driving up average sale prices, which increased overall by 17.6 percent in all three counties. Average list prices were up by 18.4 percent.

Contracts were down overall in the Tri-County area by 3.8 percent compared to the same time last year. Individually, single family home contracts were down by 12.6 percent in Worcester and by 12.9 percent in Wicomico, but were up by 42.9 percent in Somerset. Condominium contracts were up by 4.6 percent in Worcester and by 33.3 percent in Wicomico, but were down by 50 percent in Somerset.

Settlements were down overall by 10.6 percent compared to the same time last year in all three counties. Individually, single-family home settlements were down by 11.4 percent in Worcester, by 9.9 percent in Wicomico, and by 7.1 percent in Somerset. Condominium settlements were down by 9 percent in Worcester and by 41.7 percent in Wi-comico, but were up by 100 percent in Somerset, where there was one settlement, compared to zero settlements during the same time period last year.

Days on market was up overall by 52.8 percent.

“It’s really an ideal time for anyone considering buying or selling in the near future,” said CAR President Joel Maher. “Inventory is not keeping up with demand, and sale prices are increasing, which is good for sellers. The recovering economy is driving up interest rates, which are expected to reach five percent by the end of the year, so it’s a good time to get off the fence if you’re thinking about buying.”


Top Office Associates

OCEAN PINES – Berkshire Hathaway HomeServices PenFed Realty, one of the country’s fastest-growing real estate brokerages, has announc-ed the 2017 top sales associates in their Ocean Pines office.

Top honors went to Debbie Bennington and the O’Hare Team who received the Chairman’s Circle Gold award; Cindy Poremski and Cindy Welsh who received the President’s Circle Award; Mickey Lobb, Michael Rutledge and Sally Todd Stout who received the Leading Edge Society Award; and Stephanie Bray, Judy Froman, Sandy Galloway, Jim Prete and John Talbott who received the Honor Society Award.

“We’re extremely proud of our top-performing sales professionals and what they’ve accomplished, both for their clients and for themselves” said Kevin Wiles, president and CEO, mid-Atlantic region. “These awards are a testament to the hard work they put in and their dedication to their clients. We are committed to supporting them as they continue their pursuit of excellence.”


Hospitals Eye Partnership

SALISBURY – McCready Health, the leading healthcare provider in Somerset County, has entered into discussions with Peninsula Regional Health System (PRHS) to explore the potential for a partnership in the delivery of medical care to the residents of Somerset County.

“For nearly a century, McCready Health has proudly served as the backbone of healthcare for Somerset County,” said McCready Health CEO Kathleen Harrison. “Healthcare is ev-er-evolving, and we understand that stronger partnerships will be necessary so that

McCready Health may continue to provide the people of this region with the most effective and efficient medical care possible.”
McCready Health is comprised of approximately 280 employees serving the residents of the county across McCready Hospital, Alice B. Tawes Nursing and Rehabilitation, Chesapeake Cove Assisted Living and outpatient services in Crisfield and Princess Anne. A new Behavioral Health facility is currently un-der construction.

“Peninsula Regional Medical Center (PRMC) has a strong history of providing high quality, complex services to the entire region,” said PRHS and PRMC President/CEO Steven Leonard. “Our efforts over the last several years have been focused on providing care closer to home to improve the health of the populations we serve. We continue to look forward to additional opportunities to partner with local healthcare institutions to advance our collective missions. McCready has been a bedrock of support to the larger Crisfield community, and we would look forward to working closely together in that effort.”