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Weekly Local Market Report January 17, 2023

Ryan Haley presents the real estate market report for Delmarva for the week of January 17, 2023. 

We have some good news as we continue to see a little bit more inventory while at the same time, we’re still seeing quite a bit of activity. 

Worcester County, Maryland

Starting off with Worcester County, Maryland, in the last seven days, we’ve had 39 new properties come on the market. At the same time, we have had 40 properties go under contract, so that’s a fairly balanced market right there for the last seven days. 

If you look at the overall numbers of new listings and pendings, they’re actually exceeding what we saw in the past. For a couple of weeks, we’re seeing 25 new listings and 25 going under contract. So, we’re seeing a little bit more activity there. 

If we look at the entire county, we have 296 properties for sale, while in the last 30 days, we had 111 go under contract. That gives us 2.67 months of supply in Worcester County. 

Sussex County, Delaware

Going over to Sussex County, Delaware, we’ve had 96 new properties in the last seven days, while at the same time, 132 going under contract.  So we’ve seen a bump in activity in Sussex County. 

County-wide, there are 1192 properties for sale and 270 have gone under contract or pending in the last 30 days, which gives us 4.4 months’ supply. So, there’s a little bit more to choose from over there in Sussex County. 

Keep in mind that there’s more new construction there, so some of these listings have not yet even been built. They’re just been put in there by builders kind of as listings to prepare a potential buyer who might want to build in their community. 

Wicomico County, Maryland

Finally, Wicomico County, Maryland had 15 new listings in the last seven days and 21 going under contract, so we’ve had more go under contract than coming on the market. 

There are 155 properties in total in the county, while 56 have gone under contract in the last seven days or in the last 30 days which gives us 2.77 months’ supply. 

Interest Rates Update

Here’s a quick snapshot of where interest rates are this week. 

The 30-year fixed mortgage right now on average is at 6.17%, and our 15-year mortgages were seen under 6.6% at 15.78%. Those are the averages for mortgages across the board. 

So, there you have it that is the market report. If you’d like us to decipher any of this information and or break it down to micro areas, we would be happy to do that. 

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