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  • Weekly Local Real Estate Market Report for Delmarva – April 26, 2023

Weekly Local Real Estate Market Report for Delmarva – April 26, 2023

Ryan Haley with Atlantic Shores Sotheby’s International Realty is back with the real estate market report for Delmarva for April 26, 2023. 

Coming to the end of April, the spring market has continued with lots of great activity at the Maryland beaches, Delaware beaches, and also inland into Wicomico County. So here is a snapshot of the last seven days.

Worcester County, Maryland

In Worcester County, there were 40 new properties coming into the market, while we outsold that number. We are at 64 pending and/or active under contract in the last seven days. So what we’re seeing is that we’re still outselling the new inventory. 

If we look county-wide, currently, 277 active listings and 181 under contract in the last 30 days. That gives us 1.5 months’ supply at the rate we’re selling. 

So what does that mean? That means if no new listings came on the market in just over a month and a half, we would run out of all inventory. We have a very low inventory environment, and part of the reason is that we’re seeing a very robust pace of properties going under contract. 

Sussex County, Delaware

There were 154 new active listings here in the last seven days while at the same time, we had 157 go under contract. Very balanced in Sussex County, just two actually, three more going under contract than came on the market. 

County-wide, there were 1,235 active properties while we had 481 go under contract in the last 30 days. That gives us 2.6 months’ supply in Sussex County, Delaware. 

Wicomico County, Maryland

In Wicomico County, we had 31 new listings, while we had 26 go under contract. So we’ve added a few more properties to the inventory in Wicomico County, which is great news for those who are looking for a primary residence, looking for a home in Wicomico in the greater Salisbury area. We just listed a great one over there. Still some very attractive pricing. We have a three-bedroom, two-bath on the water with a boat dock that’s priced just over $300,000, all single-level living, two-car garage. So you can really get a lot of great houses in Wicomico County. 

When we look at the entire county, there were 133 actives while we had 111 go under contract in the last 30 days. That’s just over a month’s supply, 1.2 months’ supply. 

Interest Rates

What have we seen with interest rates? We are continuing to see interest rates come down. We are just under 6.5% on a 30-year fixed. Lots of other options out there when it comes to 30-year fixed versus a 15-year versus a seven-year ARM. 

So, if you have any questions at all about what products might work best for you, please reach out to us. We’d be happy to kind of give you the oversight, give you the bird’s eye view as to what might be a good option for you and then connect you with a great local professional when it comes to those financing needs. So we’re here for you. We’d love to help. 

That is the market report for this week. We look forward to seeing you next week as we move into May.

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