Real Estate
SEPTEMBER 2020
THE COASTAL REAL ESTATE RESOURCE Coastal Association of Realtors/Ocean City Today
T
he three-county area covered by the Coastal Association of Realtors (CAR) has seen major increases in activity this summer, with the rise in new settlements eclipsing the sales figures posted earlier in the year. Sellers are benefitting from what has evolved into a exceptionally busy market, as demand for residential properties is strong. In all three counties — Worcester, Wicomico and Somerset — new settlements in July were up 59 percent compared to the same time last year. Individually, new settlements for the month were up by .7 percent in Wicomico, 33.3 percent in Somerset, and 104.3 percent in Worcester. New listings in July were up by 12.1 percent compared to the same time last year
in all three counties of the lower Eastern Shore Individually, new listings were up by 26.3 percent in Worcester, by 29.6 percent in Somerset, and down by 13.9 percent in Wicomico. Active listings in all three counties were down by 44.3 percent. Individually, active listings were down by 41 percent in Worcester, by 42.5 percent in Wicomico, and by 40 percent in Somerset. The average Cumulative Days on Market (CDOM) for July was 92, or 2.22 percent higher than the same time last year. The median sale price for the Lower Shore was $253,250, which is 12.1 percent higher than this time last year. “The market may have taken a short pause back in the spring under the stayat-home order, but quickly came back as real estate professionals adjusted to new
ways of doing business,” said CAR President Joe Wilson. “Our members have embraced new technologies to assist their clients effectively – but safely.” “Inventory is very low, but demand is still strong” Wilson said. “Mortgage interest rates are extremely favorable right now, and we are seeing properties go under contract quickly, with multiple offers to choose from. If someone is on the fence about selling their home, now is the time!” 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.