Real Estate
NOV/DEC 2017
THE COASTAL REAL ESTATE RESOURCE Coastal Association of Realtors/Ocean City Today
Fall real estate market sees big uptick Contracts, inventory go up as do prices, as selling season gets underway
(Lower Eastern Shore, Md.) – The local real estate market is seeing increased inventory and pending contracts compared to last year, according to the latest numbers from
the Coastal Association of Realtors (CAR). September 2017 saw a 14.2 percent jump 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 increased by 8.4 percent in Worcester County, by 13.7 percent in
Wicomico County and by 15.8 percent in Somerset County. Condominium listings increased by 20 percent in Worcester County and by 100 percent in Somerset County, while Wicomico County saw a 22.2 percent decrease. Pending contracts were also up overall in the Tri-County area by 26.5 percent. Individually, single-family home contracts were up by 38.6 percent in Worcester County and by 33.3 percent in Somerset County, but were down by 1.2 percent in Wicomico County. Condominium contracts were up by 35.1 percent in Worcester County, by 57.1 percent in Wicomico County and by 100 percent in Somerset County. Settlements were largely down in all three counties by 17.3 percent. Individually, single-family home settlements were down by 17.9 percent in Worcester County, by 17.2 percent in Wicomico County and by 45.5 percent in Somerset County. Condominium settlements were
down by 12.8 percent in Worcester County and by 14.3 percent in Wicomico County, but were up by 100 percent in Somerset County. Days on market was up overall by 26.7 percent. Listing prices were up by 15 percent and sales prices were up by 13.5 percent. “This is a great way to kick off the fall season,” said CAR President Don Bailey. “The inventory increase could bring out many would-be buyers from earlier in the year who postponed their search due to low supply, and that, combined with increased listing prices, makes this a very good time to put a home on the market. Check CAR’s website for a directory of Realtors who can help you navigate your sale or purchase.” CAR’s monthly local housing statistics are pulled from the association’s multiple listing service, which represents the activity of over 1,000 local Realtors in Somerset, Wicomico and Worcester counties. Visit www.coastalrealtors.org for more information.
Realtors cheered by flood insurance act With less than a month left before the National Flood Insurance Program expires, the National Association of Realtors is applauding the House of Representatives for passing what NAR believes is smart, muchneeded support for the program. "Realtors know first-hand what happens when the NFIP expires and it isn’t good for consumers, businesses or our communities" said NAR President Elizabeth Mendenhall of Columbia, Missouri, where she is CEO of RE/MAX Boone Realty. "We appreciate the leadership that members of Congress have shown passing sound reforms, which will strengthen the program, protect property owners and deliver good results for taxpayers." The flood insurance program is responsible for providing the vast majority of flood insurance policies in over 20,000 communities nationwide. Without it, most consumers would be unable to purchase the flood insurance that’s required on mortgages in a flood plain. In the past, NAR has shown that 40,000 home sales are lost every month when the program is unavailable. H.R. 2874, the "21st Century Flood Reform Act," reauthorizes the pro-
gram for five years, while taking steps to reform the program. These reforms include: • Authorizing $1 billion to elevate, buy out or mitigate high-risk properties. • Capping flood insurance premiums at $10,000 per year for homeowners. • Removing hurdles to the private flood insurance market, which often offers better coverage at lower cost than the federal program. • Providing for community flood maps and a homeowner’s ability to appeal their flood designation • Better aligning the program’s rates to match a property’s true risk, particularly for in-land and lowervalue properties • Improving the claims process for flood victims • Addressing repeatedly flooded properties, which account for 2 percent of the program’s policies but 25 percent of claim payments These changes, Mendenhall said, would improve the program’s financial health, put consumers on a stronger footing, and deliver certainty to current and prospective homeowners. See FLOOD Page 21