Ryan Haley talks about the real estate market in Delmarva for the week of March 22nd, 2023.
There are a lot of moving parts in the economy right now. Obviously, we have the Fed getting ready to make their decision this week, which is not yet available as of the time of this recording.
We have some interesting elements with the banking industry, but what we can say is that regardless of where mortgage rates are right now, real estate demand remains high. In fact, February showed a rebound in real estate housing numbers. Mortgage applications are up again. People are wanting to buy real estate. There might be this shift to a hard asset, something that’s a little bit more safe—and that’s real estate.
If you look at the history of real estate long term, and if you look at a lot of the people who have wealth out there, a lot of it has been based on real estate. So, that’s good news. The spring market has been off to a great start as far as activity goes.
Worcester County, Maryland
Let’s take a look at Worcester County. In the last seven days, we’ve had 43 properties come on the market, and we outsold that number by 57. So, we had 57 go under contract in the last seven days, but we had 43 come on the market.
If you recall, last week we actually had a few more properties come on than we sold, so the trend has reversed here in Worcester County. There were 57 under contract, 43 new coming on the market county-wide. Meanwhile, there were 282 properties for sale, and 163 have sold in the last 30 days. That gives us 1.7 months’ supply in total in Worcester County.
Sussex County, Delaware
In Sussex County, Delaware, 143 properties were put on the market in the last 7 days, and 150 have gone under contract. So, we’ve sold more than have come on. County-wide, there 1,202 total inventory, 490 under contract in the last 30 days. That gives us 2.5 months’ supply in Sussex County.
Wicomico, rounding out Delmarva here, 23 properties came on the market in the last 7 days, while we had 31 go under contract in that same time, outselling the new inventory.
There were 136 properties county-wide in Wicomico, 102 have gone under contract. That gives us the lowest inventory here on Delmarva of 1.3 months’ supply.
So, there are still lots of time to be able to secure a resort property before the summer season. If you’re looking for that primary housing market, our team of agents would be happy to point you in the right direction where you might see that opportunity to be able to purchase something that works great for your family. Lots of competition, but we’re here to help you throughout the entire process.
Should you have any questions at all, please feel free to reach out. See you next week for another real estate market report.