Ryan Haley is back with the real estate market report for the week of February 1st, 2023.
Worcester County Real Estate Update
Here in Worcester County, we have seen an uptick in activity. The FED came out this week and made their announcement that they’re going to raise the federal funds rate by a quarter of a percent. A lot of experts have already been predicting this. So, we’ve seen mortgage interest rates decrease, which has caused an increase in the number of transactions here.
Worcester County saw 28 new properties coming on the market, while we had 51 going under contract. That’s almost double going under contract that came on the market.
When we look at the entire market, in total, we’ve got 259 actives and we sold and or had properties go under contract at 153 in the last 30 days, which gives us 1.69 months’ supply, very low numbers as far as total inventory is concerned.
Sussex County, Delaware
Sussex County, which is the large county at the south end of Delaware, saw 114 new listings coming on the market, while we had 125 going under contract.
County-wide, we had 1,172 active listings and 424 going under contract in the last 30 days. Days on market as well as months’ supply are continuing to decrease in Sussex County. There is 2.76 months’ supply currently in Sussex County.
Wicomico County, Maryland
In Wicomico County, where Salisbury is located, we’ve seen 21 new properties come on the market and 27 going under contract. There were 153 total active listings in the entire county, while we had 73 go under contract in the last 30 days, which gives us just over two months’ supply.
So what does that mean?
As we move here into the spring marketplace, spring marketplace seems like it’s pushing a little sooner in the year than it does, and that varies every year. Part of that depends on the weather, and some of it depends on economic conditions. But it does seem that as we have seen mortgage interest rates decrease, we’ve seen this increase in activity, a little bit of positive news coming across the real estate market which is great.
If you have any questions about what’s going on locally here and/or nationally and or how to prepare yourself to either buy or sell, we’d love to assist you in that process.