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.octodaydispatch.com
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Pending home sales on the rise, year-end stats say
Momentum is strong after two years of lower sales
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Pending home sales ascended in October – the third consecutive month of increases – according to the National Association of Realtors.
All four major U.S. regions experienced month-over-month gains in transactions, with the Northeast leading the way. Year-over-year, contract signings increased in all four U.S. regions, led by the West.
The Pending Home Sales Index (PHSI) – a forward-looking indicator of home sales based on contract signings – elevated 2.0 percent to 77.4 in October. Year-over-year, pending transactions expanded 5.4 percent. An index of 100 is equal to the level of contract activity in 2001.
“Home buying momentum is building after nearly two years of suppressed home sales.” said NAR Chief Economist Lawrence Yun. “Even with mortgage rates modestly rising despite the Federal Reserve’s decision to cut the short-term interbank lending rate in September, continuous job additions and more housing inventory are bringing more consumers to the market.”
SentriLock lockbox openings rose 7 percent in October compared to last year.
The Northeast PHSI jumped 4.7 percent from last month to 68.7, up 7.2 percent from October 2023. The Midwest index grew 4.0 percent to 77.8 in October, up 1.8 percent from the previous year.
The South PHSI increased 0.9 percent to 90.0 in October, up 2.5 percent from a year ago. The West index edged higher by 0.2 percent from the prior month to 64.1, up 16.8 percent from October 2023.
“It’s encouraging to see contract signings increasing in all major regions of the country,” added Yun. “More notable gains from a year ago occurred in the expensive regions of the Northeast and West. The recordhigh stock market is providing a boost for upper-end home buyers.”
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Downturn in sales could be over as demand increases
Existing-home sales rose in October, according to the National Association of Realtors. Sales improved in all four major U.S. regions. Year-over-year, sales elevated in three regions but were unchanged in the Northeast.
but up from 3.6 months in October 2023.
The median existing-home price for all housing types in October was $407,200, up 4.0 percent from one year ago ($391,600). All four U.S. regions registered price increases.
Total existing-home sales – completed transactions that include singlefamily homes, townhomes, condominiums and co-ops – expanded 3.4 percent from September to a seasonally adjusted annual rate of 3.96 million in October. Year-over-year, sales progressed 2.9 percent (up from 3.85 million in October 2023).
“The ongoing price gains mean increasing wealth for homeowners nationwide,” Yun added. “Additional inventory and more home building activity will help price increases moderate next year.”
Realtors Confidence Index
According to the monthly Realtors Confidence Index, properties typically remained on the market for 29 days in October, up from 28 days in September and 23 days in October 2023.
“The worst of the downturn in home sales could be over, with increasing inventory leading to more transactions,” said NAR Chief Economist Lawrence Yun. “Additional job gains and continued economic growth appear assured, resulting in growing housing demand. However, for most first-time homebuyers, mortgage financing is critically important. While mortgage rates remain elevated, they are expected to stabilize.”
Total housing inventory registered at the end of October was 1.37 million units, up 0.7 percent from September and 19.1 percent from one year ago (1.15 million). Unsold inventory sits at a 4.2month supply at the current sales pace, down from 4.3 months in September
First-time buyers were responsible for 27 percent of sales in October, up from 26 percent in September but down from 28 percent in October 2023.
NAR’s 2024 Profile of Home Buyers and Sellers – released earlier this month – found that the annual share of first-time buyers was 24 percent, the lowest ever recorded.
Cash sales accounted for 27 percent of transactions in October, down from 30 percent in September and 29 percent in October 2023.
Continued on Page 7
Brigit Taylor named CAR 2024 Realtor of the Year
The Coastal Association of Realtors (CAR) is proud to announce that Brigit Taylor has been honored with the prestigious 2024 Realtor of the Year Award. This accolade recognizes Brigit’s outstanding achievements, professionalism, and dedication to both her clients and the broader real estate industry.
The Realtor of the Year Award is presented annually to a member who exemplifies the highest standards of excellence in real estate, along with an unwavering commitment to community service and active involvement at local, state, and national levels. Brigit Taylor has consistently demonstrated these qualities throughout her career, making a lasting impact on the real estate community.
“Brigit Taylor embodies everything this award represents,” said Lauren Bunting, President of the Coastal Association of Realtors. “Her dedication, integrity, and passion for helping others have set a benchmark for what it means to be a Realtor. She is not only an outstanding professional but also a role model for her peers.”
Brigit’s remarkable contributions extend beyond her impressive sales record. She is deeply involved in mentoring fellow Realtor and actively supports community initiatives. Her leadership, generosity, and commitment to continuous learning are a testament to her influence on the industry and the local community.
Lower lending rates fuel buyers
Continued from Page 6
Individual investors or secondhome buyers, who make up many cash sales, purchased 17 percent of homes in October, up from 16 percent in September and 15 percent in October 2023. Distressed sales5 – foreclosures and short sales – represented 2 percent of sales in October, unchanged from last month and the previous year.
Mortgage Rates
According to Freddie Mac, the 30year fixed-rate mortgage averaged 6.78 percent as of November 14. That’s down from 6.79 percent one week ago and 7.44 percent one year ago.
Single-family and Condo/Coop Sales
Single-family home sales accelerated 3.5 percent to a seasonally adjusted annual rate of 3.58 million in October, up 4.1 percent from the prior year. The median existing single-family home price was $412,200 in October, up 4.1 percent from October 2023.
Existing condominium and co-op sales extended 2.7 percent in October to a seasonally adjusted annual rate of 380,000 units, down 7.3 percent from one year ago (410,000). The median
existing condo price was $360,300 in October, up 1.6 percent from the previous year ($354,800).
Regional Breakdown
Existing-home sales in the Northeast in October grew 2.2 percent from September to an annual rate of 470,000, identical to October 2023. The median price in the Northeast was $472,900, up 7.6 percent from last year.
In the Midwest, existing-home sales bounced 6.7 percent in October to an annual rate of 950,000, up 1.1 percent from the prior year. The median price in the Midwest was $305,300, up 7.2 percent from October 2023.
Existing-home sales in the South climbed 2.9 percent from September to an annual rate of 1.77 million in October, up 2.3 percent from one year before. The median price in the South was $361,200, up 0.9 percent from one year earlier.
In the West, existing-home sales increased 1.3 percent in October to an annual rate of 770,000, up 8.5 percent from a year ago. The median price in the West was $627,700, up 4.4 percent from October 2023.
PHOTO COURTESY CAR
(From left) Steve Parsons, Brigit Taylor, and Austin Whitehead
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Mortgages rise as Fed cuts benchmark interest rates
At its meeting on Dec. 17-18, the Federal Open Market Committee (FOMC) voted to decrease its benchmark interest rate by 0.25 percentage points.
The move brings the new target rate down to 4.25-4.5 percent. Add this current cut to the previous ones of the last two meetings (by half-apercentage point in September and 0.25 percentage point cut in November), and the Fed has effectively reduced rates by a full percentage point since the onset of autumn.
However, while the federal funds rate has dropped, mortgage rates haven’t responded in kind. In fact, “mortgage rates have gone up – not down – since the Fed began cutting interest rates in September,” says Greg McBride, CFA, chief financial analyst for Bankrate.
“With expectations for fewer rate cuts in 2025, long-term bond yields have renewed their move higher, bringing mortgage rates back near 7 percent.”
In the Fed’s latest Summary of
Economic Projections, the median projection for the federal funds rate is 3.9 percent for 2025 – 0.50 percentage points lower than 2024, but 0.50 percentage points higher than September’s projection.
“The economy remains strong, and the job market is solid, thus there are still many reasons for the Fed to be cautious about cutting interest rates,” Dr. Selma Hepp, chief economist for CoreLogic, said in a statement.
It’s also important to remember that the Fed’s economic predictions are largely based on the economy staying stable. But with a new presidential administration taking office in January, there’s uncertainty in the air – especially over the effect of proposals to implement trade tariffs and mass deportations of immigrants who have entered the country illegally.
These “potential policies being discussed by the incoming administration could apply inflationary pressure and keep the Fed on pause, or encourage the Fed to slow the pace of rate cuts,” Hepp noted. However, “despite the prospect of deportations and tariffs, we won’t know the full impact until such measures are implemented,” she said.
CAR Honors Drew for achievement, service
Berlin, MD — The Coastal Association of Realtors (CAR) is proud to announce Cameron Drew as the recipient of the 2024 Outstanding Achievement Award, recognizing exceptional dedication, leadership, and commitment to both the real estate industry and the community.
The Outstanding Achievement Award honors members who excel across five key categories: Local Association Activity, State and National Association Involvement, Civic Engagement, Education/Designations, and Best Business Practices. This com-
prehensive recognition highlights the impact of individuals who actively contribute to the success of our association, industry, and community.
Cameron Drew has demonstrated unwavering dedication through five years of service on the CAR Board of Directors, contributing to various committees including Finance, Networking, Consolidation/Merge, and Government Affairs/Advocacy. A Graduate of the
Maryland Realtors Leadership Academy and the Workman Success Buyer Agency Mastery Program, Cameron has also been a strong advocate at the state and national levels, attending NAR legislative meetings and Lobby Day events.
Beyond professional accomplishments, Cameron is deeply committed to community service. She volunteers with the City of Salisbury’s Housing Action Committee, assists with winter programs at Hands & Hearts Ending Homeless, and mentors with Big Brothers & Sisters of the Eastern
Shore.
“Our association is driven by highly talented and dedicated members such as Cameron Drew that volunteer their time and energy. This award is very well-deserved, and we are grateful for Cameron’s commitment to excellence in all that she does. Her service at the local and state level on advocacy issues enhances our association knowledge and serves to make all of our members more well-informed on topics important to the real estate industry.” said Lauren Bunting, President of the Coastal Association of Realtors.
Twelve members welcomed at CAR orientation session
Berlin, MD. – The Coastal Association of Realtors welcomed 12 new members during New Member Orientation on Thursday, November 21, 2024.
New Member Orientation is a requirement for all members of the Coastal Association of Realtors. Attendees are introduced to the many services and resources provided by the association, helping them lay the foun-
dation for a successful real estate career. The orientation is held quarterly.
“We’re thrilled to welcome these new members to the Coastal Association of Realtors,” said Bernie Flax, CEO of the Coastal Association of Realtors. “Our mission is to provide them with the tools and knowledge they need to thrive in a competitive market while upholding the highest standards of professionalism.”
Mortgage rates hold steady despite interest rate cuts
Despite the cuts to the short-term interest rates by the Federal Reserve, mortgage rates have largely refused to budge, National Association of Realtors Chief Economist Lawrence Yun said after the Fed cut the rate on Dec.18. He said consumer price inflation has not been fully contained and slightly accelerated in the past two months, he said. Lending money over the longer
term needs to compensate for future returned money’s loss of purchasing power. More Fed-rate cuts are likely in 2025 because consumer prices should calm down measurably. Though Lawrence Yun
Continued on Page 13
PHOTO COURTESY CAR
(From left) Danielle Bullinger with Redfin, Sarah Brown with Rosario Realty, Renee Tayman with Berkshire Hathaway HomeServices PenFed Realty, Natasha Jameson Randolf with Coldwell Banker Realty, Lucretia Greene with The Spence Realty Group, Adeline Hessel with RE/MAX Distinctive Real Estate, Jerry Shockley with Keller Williams Realty of Delmarva, Mike Hood with Whitehead Real Estate Executives, Dylan Bunce with Keller Williams of Delmarva, Meisha Honore with eXp Realty, Linnie Vann with Coldwell Banker Realty, and Brian Dawson with Coldwell Banker Realty
CAR leadership names new committee chairs for 2025
Berlin, MD — The Coastal Association of Realtors (CAR) is excited to introduce its 2025 committee chairs who will be leading initiatives to support, advocate, and empower members throughout the coming year.
CAR’s newly elected President, Lauren Bunting, selected a group of highly respected and dedicated professionals to guide our committees. These individuals play a vital role in fostering educational opportunities, championing advocacy efforts, and elevating professional standards for our members and the communities we serve.
Introducing the 2025 Committee Chairs:
Advocacy – Cameron Drew
RPAC – Robert Payne
Finance & Budget – Veronica Bishop
Education – Lindsay Patten
Awards & Nominating – Brigit Taylor
Realtor Fair – Alyson Kendall & Kim
Heaney Networking – Kate Deckenback & Pilar Burton
CAR Foundation & Major Fundraising – Pam Price & Grace Masten
“To quote Sir Winston Churchill, ‘We make a living by what we get. We make a life by what we give.’ We are really fortunate at CAR to have a highly talented and dedicated group of Realtors who are willing to give of their time and create a culture that embodies teamwork, partnership and success for the association.” said Lauren Bunting, President of Coastal Association of Realtors.
These leaders are committed to working collaboratively with their committees to address the evolving needs of our members and to enhance the resources available to the Coastal Association of Realtors. Their dedication and forward-thinking approaches will guide our association through a dynamic 2025.
New supply to cool rent prices
Continued from Page 12
multifamily housing starts tumbled this year, the completions of new apartments are still strongly rolling in from the previous year’s high housing starts. The added supply will help cool rents. Therefore, the gap with the mortgage rates will not remain wide, which
means mortgage rates will trend lower. Given that mortgage rates have stayed above 6 percent for over two years, consumers are getting used to the new normal, especially considering that the 50-year average is 7.7 percent. Jobs and inventory will drive home sales, Yun concluded.
PHOTO COURTESY CAR
(From the left) Sydney Price, Robert Payne, Kate Deckenback, Veronica Bishop, Chris Jett, Lindsay Patten, Pilar Burton, Cameron Drew, Brigit Taylor, and Alyson Kendall
Coastal Association Affiliate Members
