Ryan Haley is back with the real estate market report for February 8th, 2023.
Worcester County, MD Update
Let’s start off with Worcester County, Maryland. The trend is continuing here, with 27 new properties on the market in the last seven days, but we had 53 go under contract, almost doubling what came on the market. It’s a very robust market in Worcester County, and Worcester County was probably the fastest market out of the three counties here in Delmarva.
What does that mean county-wide? There were 251 total properties that are active on the market and 160 in the last 30 days. That gives us 1.57 months’ supply, down from 1.66 months last week. So, the total inventory is decreasing here as demand increases.
Sussex County Update
In Sussex County, there were 119 new listings but only 111 going under contract, so that’s good news for those who are looking in Sussex County. There’s a little bit more inventory to choose from and not quite as fast as what we saw in Worcester County.
Total inventory, however, is down to 1,183 properties on the market 439 under contract in the last 30 days, giving us 2.69 months’ supply in total in Sussex County, Delaware. Keep in mind that of the 1,183 properties, about 500 or so are new construction, some of which have not been completed yet.
Wicomico County Update
Finally Wicomico County. We saw 28 properties come on the market, pretty much equally what we saw here in Worcester County, but 31 have gone under contract. That is a pretty even market there even with what came on and what went under contract in the last seven days.
In total, 149 total actives in Wicomico County, while 76 have gone under contract in the last 30 days, giving us 1.96 months’ supply.
What’s going on with interest rates?
The FED came out last week and announced that they were going to raise the federal funds rate by 1/4%. That’s the smallest raise that we have seen going back to June. But with that, mortgage rates that same day actually went under 6% for a 30-year fixed product.
Since then, they’ve drifted up just a little, so we’re just over 6% on your typical 30-year fixed products, while the 15 years are in the mid-5s and then a lot of your government loans are also in the mid-5s.
It feels like spring out there today. We are in the mid-50s we had a 60-degree day just the other day. We’re excited as we’ve got boat show, Valentine’s Day and President’s Day are all coming up here in February which are the unofficial kickoffs to the spring real estate market traditionally. There are lots to look forward to and keep in mind that Memorial Day is not that far off either.
There you have it. That is the real estate market report for Delmarva for February 7th and 8th of 2023. If there’s ever anything we can do to assist you, please let us know.