Real Estate
THE COASTAL REAL ESTATE RESOURCE Coastal Association of Realtors/OC TODAY-DISPATCH
Real Estate
THE COASTAL REAL ESTATE RESOURCE Coastal Association of Realtors - OC Today-Dispatch
Published by OC Today-Dispatch for the Coastal Association of Realtors. Advertising in this publication is limited to members and affiliated members of the Association.
The COASTAL ASSOCIATION OF REALTORS® (CAR) is a trade organization for real estate professionals in Wicomico, Worcester and Somerset Counties on the Eastern Shore of Maryland. Its membership consists of more than 1,000 REALTORs® and affiliate members serving the home-buying and homeselling needs of the public since 1957.
The term REALTOR® is a registered collective membership mark, which may be used only by real estate professionals who are members of the NATIONAL ASSOCIATION OF REALTORS® and subscribe to its strict Code of Ethics.
The COASTAL ASSOCIATION OF REALTORS is located at 314 Franklin Avenue, Suite 106 • Berlin, MD 21811. Phone: 410-641-4409. On the Web: www.coastalrealtor.org
OC TODAY-DISPATCH is the leading newspaper publisher on the Maryland coast, with OC Today-Dispatch publishing weekly on Friday, Bayside Gazette and Ocean City Digest publishing on Thursdays and Real Estate, the Coastal Real Estate Resource publishing key weekends throughout the year.
On the Web: www.oceancitytoday.com
Editor......................................................................... Stewart Dobson
Executive Editor................................................................ Steve Green
Account Managers....................... Mary Cooper, Renée Kelly, Terri French
Classifieds/Legals ........................................................ Pamela Green
Art Director....................................................................... Cole Gibson
Senior Page Designer....................................................... Susan Parks
Senior Ad Designer............................................................ Kelly Brown
Publisher..................................................................... Christine Brown
Administrative Asistant.......................................................... Gini Tufts
INDEX OF ADVERTISERS
Nanette Pavier/Holiday Real Estate, Inc..............................................Page 2
Jamie Caine/Coldwell Banker Realty...................................................Page 3
Michael Ray/Sunshine Properties…………………………………………………Page 4
Buckley Property Services, LLC/Real Estate
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CAR reports grants awarded to area charities
The Coastal Association of Realtors (Coastal) has announced it has awarded $4,750 in grants to local charities through the Coastal Realtors Foundation during its latest round of funding.
Since 2019 Coastal Realtors Foundation has given over $90,500 to local charities in Wicomico, Worcester, and Somerset counties.
Receiving grants in the Coastal Re-
altors Foundation’s latest round of funding were AM Foundation, Inc., Community Players of Salisbury, Humane Society of Somerset County, TEAM 360 Inc., Back Street Bikes, Seaside Christian Academy, Smith Island United and Unstoppable Joy Co.
The Coastal Realtors Foundation is a charitable fund held by the Community Foundation of the Eastern Shore.
The association raises money for the fund through an annual charity golf tournament as well as other efforts throughout the year.
The fund is accessible to members of Coastal through an application process administered by the association and reviewed by a committee of members. Grant recipients must be 501(c)3 organizations and must be located in Somerset, Wicomico, or
Worcester counties.
“Coastal Realtors members, with their deep-rooted commitment to community, are not just selling homes;” said Coastal President Brigit Taylor “they’re building foundations of support for our neighbors by granting hope and resources to local charities they champion.”
Grants are awarded three times a year, and the next deadline is Oct. 15.
Pictured, from left, are Carol Mills, Humane Society of Somerset Co.; Kara Waggoner & her daughter, Kaila Waggoner, Seaside Christian Academy; Josephine Davis - Daughter of Pastor Sean Davis & Pastor Sean Davis, Seaside Christian Academy; Jack Mills, Humane Society of Somerset Co.; Robbin Wells, TEAM 360; Terry Moreno, TEAM 360; Billy Apostolou, AM Foundation Inc./Direct Mortgage Loans; Grace Masten, Foundation Committee Chair/Sea Grace at N Beach Realtors; Matt Bogdan, Community Players of Salisbury/Century 21 New Horizon; Pilar Burton, Foundation Committee Member/Capitol Title; DeVanna Young, Long & Foster Real Estate Salisbury; Tonya Agostino, Unstoppable Joy; Susan Lloyd, Mid-Atlantic Settlement Services; Tanja Giles, Unstoppable Joy; Vicki Harman, Foundation Committee Member/ Coldwell Banker Realty.123; Patti Stevens, Back Street Bikes
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App protects Realtors while dealing with unknown clients
The Coastal Association of Realtors (CAR) is proud to announce the successful launch of FOREWARN.
FOREWARN brings intelligence to the real estate industry through innovative solutions to help ensure safer engagements and smarter interactions.
In today’s real estate environment, ensuring the safety of Realtors and protecting against fraud is paramount.
Realtors often find themselves meeting with unknown clients in unfamiliar locations, which can pose significant safety risks.
The introduction of FOREWARN addresses these concerns by equipping Realtors with critical information that can help them make informed decisions and take necessary precautions.
SAFETY: Realtors can quickly verify the identity of a prospective client before meeting them, reducing the risk of encountering potentially dangerous individuals.
By knowing who they are dealing with, Realtors can plan meetings in safe, public locations or take other precautionary measures.
This proactive approach not only enhances personal safety but also contributes to a more secure working environment for all real estate professionals.
FRAUD: FOREWARN provides Realtors with tools to detect fraudulent activities early. By accessing comprehensive background information, Realtors can identify red flags as simple as fraudulent phone numbers through criminal activity.
This helps in preventing fraudulent transactions and protecting the interests of home sellers and buyers. For sellers, this added layer of verification ensures that only legitimate and qualified buyers are considered, safeguarding their properties from potential fraud.
Instantly verify:
Identity (first name, last name, alias, and age).
on who they’re dealing with, protecting them from fraud and personal harm.
Phone numbers (residential and mobile history).
Address history (rental, ownership, and associated addresses) . Financial indicators (bankruptcy, lien, judgement, and foreclosure history).
Property records (nationwide property ownership history).
Criminal records (nationwide criminal history search).
“CAR remains committed to delivering valuable opportunities that empower our members and protecting our communities. Verifying online and unidentified prospects is not only critical for agents’ personal safety and efficiency, but also an added benefit to home sellers, providing an added layer of fraud protection for their homes and families” said Brigit Taylor, CAR President.
Active listings show signs of local inventory improvement
The number of active property listings in Worcester County in June was up 9% over June 2023, from 915 to 998.
For most of 2024, the number of active listings have been exceeding the same months in 2023. The breakdown for the months to date in 2024 compared to 2023 are: January 2024, 1,032 (778); February 2024, 1,105 (859); March 2024, 1,124 (874); April 2024, 1,142 (870); and May 2024,
1,080 (891).
The increase in listings trend began in 2023 with most months in the calendar year exceeding those in 2022.
However, in 2022, it was a different story, as listings were down considerably from 2021, 2020 and 2019. For instance, in June of 2019, there were 2,083 active listings, compared to 1,736 in June 2020, 1,090 in June 2021 and 878 in June 2022.
FOREWARN contains information that advises Realtors
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June statistics show prices still on rise in Worcester Co..
(Aug. 1, 2024) The month of June was more than respectable for the Worcester County real estate industry despite a slight drop in the number of units sold.
Listings were up, the average sales price climbed and the average number of days a property was on the market, while up a few days over last month, remained at the brisk level.
According to statistics posted by the Maryland Association of Realtors, 156 homes in Worcester County were sold in June — a 9.8 percent decline from June 2023, when 173 units went to settlement.
At the same time, however, the average sales price of a home sold last month in this county was $496,261, or 10.1% higher than the $450,626 average price for the same month last year.
Also showing an increase in June were the number of units under contract, with 193 home listed in the units pending column as compared to 167 in June 2023.
Further good news for buyers is that inventory is increasing, with 212 new
listings bringing total inventory to 556 homes as of June. That compares to just 383 homes on the market this time last year.
As for the pace of sales, it took a week longer to sell a property in June of this year than it did in June 2023, but a median of 19 days on the market as compared to 12 the year before is still relatively fast.
According to MAR, the monthly housing statistics are presented as reported by Bright MLS. The average sales figure is the weighted average of sales prices in the county, calculated by weighting the price of homes by the number of homes sold.
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NAR reports June decline in sales of existing homes
Existing-home sales fell in June as the median sales price climbed to the highest price ever recorded for the second consecutive month, according to the National Association of Realtors. All four major U.S. regions posted sales declines. Year-over-year, sales waned in the Northeast, Midwest and South but were unchanged in the West.
Total existing-home sales – completed transactions that include single-family homes, townhomes, condominiums and co-ops – receded 5.4% from May to a seasonally adjusted annual rate of 3.89 million in June. Year-over-year, sales also dropped 5.4% (down from 4.11 million in June 2023).
“We’re seeing a slow shift from a seller’s market to a buyer’s market,” said NAR Chief Economist Lawrence Yun. “Homes are sitting on the market a bit longer, and sellers are receiving fewer offers. More buyers are insisting on home inspections and appraisals, and inventory is definitively rising on a national basis.”
Total housing inventory registered at the end of June was 1.32 million units, up 3.1% from May and 23.4% from one year ago (1.07 million). Unsold inventory sits at a 4.1-month
supply at the current sales pace, up from 3.7 months in May and 3.1 months in June 2023. The last time unsold inventory posted a fourmonth supply was May 2020 (4.5 months).
The median existing-home price for all housing types in June was $426,900, an all-time high and an increase of 4.1% from one year ago ($410,100). All four U.S. regions registered price gains.
“Even as the median home price reached a new record high, further large accelerations are unlikely,” Yun added. “Supply and demand dynamics are nearing a balanced market condition. The month’s supply of inventory reached its highest level in more than four years.”
According to the monthly Realtors Confidence Index, properties typically remained on the market for 22 days in June, down from 24 days in May but up from 18 days in June 2023.
First-time buyers were responsible for 29% of sales in June, down from 31% in May but up from 27% in June 2023. NAR’s 2023 Profile of Home Buyers and Sellers – released in November 2023 – found that the annual Continued on Page 12
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Investments, second homes make up 16% of homes sold
share of first-time buyers was 32%.
All-cash sales accounted for 28% of transactions in June, unchanged from May and up from 26% one year ago.
Individual investors or secondhome buyers, who make up many cash sales, purchased 16% of homes in June, identical to May and down from 18% in June 2023.
Distressed sales – foreclosures and short sales – represented 2% of sales in June, unchanged from last month and the previous year.
Mortgage Rates
According to Freddie Mac, the 30year fixed-rate mortgage averaged 6.77% as of July 18. That’s down from 6.89% one week ago and 6.78% one year ago.
Single-family and Condo/Co-op Sales
Single-family home sales retracted to a seasonally adjusted annual rate of 3.52 million in June, down 5.1% from 3.71 million in May and 4.3% from the prior year. The median existing single-family home price was $432,700 in June, up 4.1% from June 2023.
Existing condominium and co-op sales tumbled 7.5% in June to a sea-
sonally adjusted annual rate of 370,000 units, down 14% from one year ago (430,000 units). The median existing condo price was $371,700 in June, up 2.6% from the previous year ($362,200).
Regional Breakdown
Existing-home sales in the Northeast in June withdrew 2.1% from May to an annual rate of 470,000, a decline of 6% from June 2023. The median price in the Northeast was $521,500, up 9.7% from one year earlier.
In the Midwest, existing-home sales decreased 8% from one month ago to an annual rate of 920,000 in June, down 6.1% from the prior year. The median price in the Midwest was $327,100, up 5.5% from June 2023.
Existing-home sales in the South slid 5.9% from May to an annual rate of 1.76 million in June, down 6.9% from one year before. The median price in the South was $373,000, up 1.7% from last year.
In the West, existing-home sales declined 2.6% in June to an annual rate of 740,000, identical to a year ago. The median price in the West was $629,800, up 3.5% from June 2023. Continued from Page 10
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Low inventory market means being flexible can close deal
People who have shopped for homes at any point over the last few years are undoubtedly aware that inventory is low. While low inventory has affected home prices and priced some buyers out of certain markets, the good news is the tide may have started to change as 2023 drew to a close.
In fact, a December 2023 report from the National Association of Realtors indicated home sales rose by nearly 1 percent in November, a month during which single-family home construction also rose by 18 percent compared to October.
Each of those figures could prove a harbinger of good things to come for buyers in 2024. But it can still pay dividends for such buyers to prepare themselves to buy in a low inventory real estate market.
• Prepare to offer more than asking price. Data from the NAR indicates nearly one-third of all homes (28 percent) purchased in October 2023 sold for above asking price. When buyers have fewer homes to choose from, the competition for homes on the market increases, and that typically means buyers will offer more than asking price for homes they truly want. It might not be necessary to offer more than asking price on a given home, but it’s something buyers in a low inventory market must be ready to do.
• Prepare to find additional money, if necessary. Offering more than asking price can be tricky, particularly if a buyer’s offer exceeds the appraised value of the home. The real estate listing service Trulia notes that most lenders will not approve a mortgage for more than the appraised
value of a home. Conventional wisdom may indicate it’s never a good idea to offer more for a home than it’s appraised value, but that scenario has played out with greater frequency in the current low inventory market. Buyers who feel they need to offer more than the appraised value to get a home will have to come up with the extra funds to make up the difference that their mortgage won’t cover.
• Flexibility can be your friend. A low inventory market is a seller’s market. Buyers who can be flexible in regard to seller’s demands and requests might be getting the keys to a new home faster than those who are not as accommodating. Some sellers may request a quick closing, while others may need extra time in the home until they can move into their own new property. Entering the process with the intention of being flexible can be an advantage for buyers in a low inventory market.
• Patience can prevail. It might seem as though there will never again be ample inventory on the real estate market. However, the increase in single-family home construction and forecasts predicting mortgage rates will drop suggest the real estate market could feature more inventory in the months to come. Buyers concerned about going over-budget or making a hasty decision are urged to remain patient if they cannot find a home that works for them personally and financially.
A low inventory real estate market may not be normal. But savvy buyers can still navigate such a market and find a home they love.
For sale signs have been scarce throughout the country, as the market has struggled with the problem of low inventory. Still, would-be buyers can still succeed.
Surveys show affordability, inventory big factors in ’23
In 2023, when the volume of existinghome sales hit the lowest level since 1995, 26% of Realtors named lack of inventory and housing affordability as the most important factors limiting potential clients from making a purchase, according to the National Association of Realtor 2024 Member Profile.
This annual report analyzes members’ business activity and demographics from the prior year.
“2023 was a difficult year for Realtors due to high mortgage rates and low housing inventory, which significantly impacted home sales volume,” said Jessica Lautz, NAR deputy chief economist and vice president of research. “Realtors faced competition at all angles – not only to represent clients but also to ensure their buyers’ offers were accepted amid tough real estate market conditions.”
Nearly two out of three Realtors (65%) hold sales agent licenses, while 22% hold broker licenses and 17% hold broker associate licenses. Seventy-four percent of members specialize in residential brokerage. Like 2022, relocation, residential property management and commercial brokerage are members’ most common secondary specialty areas.
Members typically have 10 years of real estate experience, down from 11
years in 2022. Seventy-three percent of members are very certain they will remain in the real estate industry for at least two more years. Brokerage specialists had a lower sales volume ($2.5 million vs. $3.4 million), and the typical agent had fewer transactions (10 vs. 12) in 2023 compared to 2022.
The typical Realtor earned 20% of their business from previous clients and customers, down from 27% last year.
The most experienced members – those with 16 or more years of experience – reported a greater share of repeat business from clients or referrals (a median of 42% in 2023). Similar to 2022, members with two years of experience or less reported no repeat business in 2023.
Overall, Realtors earned a median of 21% of their business from referrals, a decrease from 24% in 2022. Referrals were also more common among members with 16 or more years of experience – a median of 29% – compared to no referrals for those with two years or less of experience.
The typical property manager managed 31 properties in 2023, down notably from 40 properties in 2022. The typical Realtor worked 35 hours per week in 2023, slightly less than last year.
The median gross income for RealContinued on Page 18
Stats give picture of how Realtors operate
tors decreased to $55,800 in 2023, down from $56,400 in 2022. Realtors with 16 years or more experience had a median gross income of $92,500, up from $80,700 in 2022. Realtors’ total expenses increased to $8,450 in 2023 from $8,210 in 2022.
A majority of Realtors (53%) worked with an independent company and 88% were independent contractors at their firms – both figures nearly identical to 2022. The typical Realtor had a median tenure of five years with their current firm, down from a median of six years in
2022. Eight percent of members reported working for a firm that was bought or merged in the past two years.
“Regardless of market conditions, agents who are Realtors sought a career where they could be their own boss as an independent contractor, specialize in residential or commercial brokerage, and embrace new technologies to make transactions happen,” said Lautz.
Daily, most Realtors use a smartphone with wireless email and internet capability (96%) and a laptop or desktop computer (91%). The smartphone features that members use most frequently
daily are email (94%), social media apps (60%) and GPS (56%). Sixty-four percent of Realtors use multiple listings software daily. Text messaging (94%) is the top method of communication for members with their clients, followed by telephone (91%) and email (89%).
More than two-thirds of members (72%) have their own website – 44% of which are provided by the member’s firm. For professional purposes, most members use Facebook (77%), Instagram (57%), and LinkedIn (55%).
Six percent of Realtors use drones themselves as part of their business, and
46% have hired a professional drone operator. Four percent and 2% of members, respectively, use 3D/virtual tour and virtual staging technology daily. Sixty-five percent of all Realtors were female in 2023, an increase from 62% last year. The median age of Realtors was 55, down from 60 last year. Thirty-five percent were 60 years or older. Seventynine percent of Realtors were White in 2023, down from 81% last year. Hispanics/Latinos accounted for 10% of Realtors, followed by Black/African Americans (6%) and Asian/Pacific Islanders (4%).
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These are the organizations we have supported.
Ask your Coastal member to apply for your non-profit grant. These are the organizations we have supported.
Unstoppable Joy Co
Alzheimer's Association, Greater Maryland Chapter
Lower Shore Land Trust, Inc.
Alzheimer's Association, Greater Maryland Chapter
AM Foundation, Inc
Art League of Ocean City, Inc.
Asbury United Methodist Church Atlantic Club, Inc.
Atlantic General Hospital
Atlantic General Hospital Foundation
Autistic Children's Support Group of Worcester County, Inc.
Back Street Bikes Wo Co
Beyond Your Walls, Inc.
Brooke Mulford Foundation, Inc.
Chesapeake Housing Mission
Coastal Hospice, Inc.
Community Players of Salisbury, Inc.
CRICKET Center, Inc.
Crisfield & Smith Island Cultural Alliance, Inc.
Diakonia, Inc.
Eastern Shore Pregnancy Center, Inc.
Eastern Shore Running Club, Inc.
Eleven 21, Inc.
Grace Center for Maternal and Women's Health, Inc.
Habitat for Humanity of Wicomico County, Inc.
Habitat for Humanity of Worcester County, Inc.
Hands and Hearts Ending Homelessness
Help and Outreach Point of Entry, Inc.
Hope And Life Outreach Inc
Hope4Recovery, Inc.
Humane Society of Wicomico County, Inc.
Humane Society Somerset County
Junior Achievement of the Eastern Shore, Inc.
Maryland Food Bank, Inc.
Mid-Atlantic Symphony Orchestra Society, Inc.
Most Blessed Sacrament Catholic School
Ocean City Museum Society, Inc.
Ocean City Power Squadron
Ocean Pines Players, Inc.
Parsonsburg Volunteer Fire Company, Inc Station 6
Rackliffe House Trust, Inc.
Salisbury Christian School, Inc.
Salisbury Neighborhood Housing Services, Inc.
Seaside Christian Academy
Smith Island United
TEAM 360, Inc
The Greater Ocean City, Maryland, Chamber of Commerce, Inc.
Tim Kennard River Run
United Needs and Abilities, Inc.
United Way of the Lower Eastern Shore, Inc.
Unstoppable Joy Co
Village of Hope, Inc.
WGP Warriors Against Addictions, Inc.
Wicomico Child Advocacy Center Foundation, Inc.
Wicomico Environmental Trust, Ltd.
Wicomico Grows Kindness, Inc.
Wicomico Public Libraries
Worcester County Humane Society, Inc.
Worcester County Veteran's Memorial at Ocean Pines Foundation
Worcester G.O.L.D./Giving Other Lives Dignity
Worcester Youth & Family Counseling Services, Inc.
Wyatt's Warriors Foundation, Inc.
YMCA of the Chesapeake, Inc.
Life Crisis Center, Inc.
Median price still higher than list throughout July
A seasonal surge has taken place over the last two months in Worcester County with the median sale price once again exceeding the original listing price median.
For the month of July, as of July 26, the original price median for properties in the county was $394,470 and the sale price median was $428,000, an 8% increase. For the full month of June, the original price median for properties in the county was $419,000 and the sale price median was $425,000, an 1% increase.
The summer months of June and July reversed the January-May trend that saw original price median exceeding the sale price median, confirming the supply and demand tendences of the seasonal resort.
Looking back to the final months of 2023, the sale prices were found to generally exceed the original list price. The month breakdowns include August 2023, original price median, $469,950 vs. sale price median, $403,100; September 2023, original price median, $425,000 vs. sale price median, $430,500; October 2023, original price median, $424,900 vs. sale price median, $429,990; November 2023, original price median, $399,950 vs. sale price median, $405,000; and December 2023, original price median, $375,000 vs. sale price median, $419,500. Data collected from BRIGHT MLS.
Association Affiliate Members
