A Week In Business – December 20, 2019

A Week In Business – December 20, 2019
The graphic details real estate activity for the month of November. Image by Coastal

Housing Market Recap

BERLIN – The Lower Eastern Shore saw a dip in activity in November, according to the latest numbers from the Coastal Association of REALTORS® (Coastal).

In all three counties throughout November, new settlements were down 11 percent compared to the same time last year and year-to-date (YTD) settlements were up 0.1 percent. Individually, new settlements throughout November were down by 13.4 percent in Worcester and by 16.2 percent in Wicomico, and were up by 100 percent in Somerset. YTD settlements were up by three percent in Worcester and by 7.6 percent in Somerset, but were down by seven percent in Wicomico.

Inventory remained down in November, as the tri-county area as a whole saw a 29.2-percent decrease in active listings and a 16-percent decrease in new listings compared to the same time last year. Individually, active listings were down by 25 percent in Worcester, by 38.3 percent in Wicomico and by 32 percent in Somerset. New listings were down by seven percent in Worcester, by 30 percent in Wicomico and by 33.3 percent in Somerset.

The average list price for the shore was $222,035, which is nine percent higher than this time last year. The average sale price was $224,121, which is 11.2 percent higher than this time last year.

The average Cumulative Days on Market (CDOM) for November was 127, or 25.3 percent lower than the same time last year. Individually, CDOM increased by 9.1 percent in Worcester, and decreased by 5.3 percent and 52 percent in Wicomico and Somerset, respectively.

“We continue to see our settlement and listing numbers decline, but it’s a good sign that prices are up and homes are moving off the market faster, as per the lower CDOM,” said Coastal President Joe Wilson. “The demand is there, but we continue to struggle with available inventory. New home construction on the Lower Eastern Shore will be vital for our industry in 2020.”


Agents Ranked In Region

OCEAN CITY — Coldwell Banker Residential Brokerage Ocean City Offices recently had several agents ranking in the November for the Greater Baltimore region.

The agents were Whitney Jarvis, six; Nancy Reither, 24; Maryellen Rosenblit, 28; Shawn Kotwica, 62; Dennis Medlock, 68; Tammy Medlock, 86; Kim Collins, 87; Michael Nolen, 88; Cyndie Hollowell, 90; Chelsea Tull, 93; Shari Poliak, 98; and Dave Barnett, 99.

The top teams ranking included locals McNamara & Associates, first; The Noyes Team, six; Katy Durham/Rick Meehan, eight; and Cain Team of OC, nine.


New Foundation Board Members

Biz B Barber Ed

Ed Barber

Biz C Lewis Dean e

Dean Lewis

Biz D Mitchell David in Color

David Mitchell

SALISBURY — The Community Foundation of the Eastern Shore recently announced Ed Barber, Dean Lewis and David Mitchell have joined the foundation’s Board of Directors.

Barber retired in 2011 as Assistant Superintendent for Administration of Worcester County Public Schools. He has 37 years of experience in education, starting as a school psychologist and then school principal and supervisor in Somerset County.

Lewis is the Chief Financial Officer & Treasurer of Calvin B. Taylor Bank. He is a Certified Public Accountant (CPA) and holds a master’s degree in taxation. He currently serves on the board of directors for Taylor Bank and the Atlantic General Hospital Foundation. He is also a member of the Finance Committee of the Board of Trustees of Atlantic General Hospital, Franklin P. Perdue School of Business Career Advisory Board at Salisbury University and the Investment Committee of the Community Foundation.

Mitchell retired as an Associate Judge of Baltimore City Circuit Court. He was appointed to Maryland’s Eighth Judicial Circuit in 1984 and served until his retirement in 2001. He has served on the board of directors of the National Council of Juvenile and Family Court Judges and The Peddie School.

“We are looking forward to the contributions Ed, Dean and David will make in Foundation leadership, coupled with their strong passion for philanthropy and the local community,” said Erica Joseph, CFES president.