A Week In Business – October 9, 2020

Summer Market Recap

BERLIN – Residential settlements on the Lower Eastern Shore rose throughout the month, according to the latest numbers from the Coastal Association of REALTORS® (CAR).

In all three counties throughout August, new settlements were up 18% percent compared to the same time last year. Individually, new settlements throughout August were up by 1.8 percent in Wicomico, 16.7 percent in Somerset, and 25.6 percent in Worcester.

New listings in August were down by 2.1 percent compared to the same time last year in all three counties. Individually, new listings were up by 7.4 percent in Worcester, down by 60.5 percent in Somerset and by 5.9 percent in Wicomico. Active listings in all three counties were down by 51.33 percent. Individually, there were 464 active listings in Worcester, 215 in Wicomico, and 91 in Somerset.

The average Cumulative Days on Market (CDOM) for August was 78, or 7.14 percent less than the same time last year. The median sale price for the Lower Shore was $251,750 which is 9.9 percent higher than this time last year.

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“It seems that people were hesitant to list their homes for sale and allow showings during COVID-19” said CAR President Joe Wilson. “Because of that, the lack of available inventory lead to properties selling faster and for a higher price, on average. Our REALTOR® and Affiliate members have done an amazing job navigating the settlement process in a pandemic.” Wilson said. “Mortgage interest rates are still very low, so anyone looking to buy should not hesitate.”

CAR’s monthly local housing statistics are pulled from the Bright Multiple Listing Service, which represents the activity of over 1,000 local REALTORS® in Somerset, Wicomico, and Worcester counties, as well as 95,000 real estate professionals across the Mid-Atlantic region.

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Company Changes Name

BERLIN – Coldwell Banker Residential Brokerage in the Mid-Atlantic region has changed its name to Coldwell Banker Realty in the Mid-Atlantic region in all 29 of its local real estate offices.

The change coincides with the transparent rebranding of the Coldwell Banker Real Estate LLC logo, referred to as the Coldwell Banker® North Star. It also aligns Coldwell Banker Realty in the MidAtlantic Region with 700 company-owned Coldwell Banker offices across the nation.

“This rebranding is the perfect opportunity to identify Coldwell Banker offices in our local communities as one significant presence across the real estate markets in Washington, D.C., northern Virginia, Maryland and coastal Delaware and beyond. The Coldwell Banker North Star is a refreshed look and feel, but it also symbolizes the guiding light welcoming home sales associates who want an unparalleled level of support and technology in order to thrive. For home buyers and sellers, it represents the absolute pinnacle of service we’re dedicated to providing,” said Rich Fleischer, president of Coldwell Banker Realty in Mid-Atlantic region.

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Top Realtors Announced

BERLIN — Ocean Atlantic Sotheby’s International Realty announced its top selling Realtors for the third quarter of 2020. Receiving honors are Kim Hamer, Henry Jaffe and Lauren Alberti as the company’s overall top individual producers, and The Oldfather Group and Barrows and Associates as the top producing teams.

“We are thrilled to honor these talented real estate professionals for their outstanding sales performance in the 3rd quarter of the year,” said Justin Healy, Broker at OA Sotheby’s. “In addition to being exceptional real estate sales and marketing experts, they are outstanding team players and we are delighted they choose to partner with us at Ocean Atlantic Sotheby’s International Realty.”

Dustin and Mariya Oldfather have carved a name for themselves in the competitive Southern Delaware and Maryland real estate markets by delivering consistent results for homebuyers and sellers through an advanced digital platform and superior customer service. The third quarter of 2020 was an extremely busy time for the Oldfather Group as they completed 71 property transactions totaling $46 million in sales volume.

Hamer is a native Delawarean and has been a Realtor in Sussex County since 1998. A member of the Ocean Atlantic Sotheby’s International Realty Sales Team for the past 16 years, Hamer listed and sold 28 properties in the third quarter of 2020, logging over $20 million in sales volume.

Jenn and Brian Barrows of Barrows and Associates have over 32 years of collective experience as Realtors, and have been with Ocean Atlantic Sotheby’s International Realty since September 2008. In the third quarter of 2020, the Barrows team successfully completed 31 transactions equating to over $18 million in sales volume. “

A leading expert in luxury beach properties, Jaffe completed 12 transactions in the third quarter, totaling over $14 million in sales volume. These properties included the sale of a $5.5 million oceanfront home in The Chancellery, along with other notable properties in Coastal Delaware.

A familiar name in Coastal Delaware real estate, Alberti had a remarkable third quarter in 2020, completing six transactions totaling close to $7.5 million in sales volume.