Ryan Haley, broker an owner of Atlantic Shores Sotheby’s International Realty, is back with the January 12, 2023 real estate market update on Delmarva, particularly in the Worcester, Wilmico, and Sussex counties.
Worcester County, Maryland Real Estate Update for the Week
In Worcester County, which is the home of Ocean City, Ocean Pines, and Berlin, in the last seven days, we’ve had 34 new properties come on the market. At the same time, we’ve had 37 properties go pending in the last seven days. So just a few more pending versus what has come on the market.
Another stat that we can look at is how many price decreases we had. In the county, there were 25 price reductions in the past week in Worcester County.
Sussex County, Delaware Real Estate Update
Sussex County is one of three counties in Delaware. It’s the southernmost county and includes Fenwick Island, Bethany Beach, Rehoboth up to Lewis and then also inland. It’s a very large county, much larger than what we have in Worcester County.
In the last seven days, we had 101 new opportunities hit the market, while at the same time, we had 95 properties going under contract. So, there is a little bit more inventory added this week which is good when you’re looking for options. But with 95 properties going under contract, it is definitely showing some movement.
Wicomico County Real Estate Update
Finally, let’s look at Wicomico County, home of Salisbury. This county is located to the west of Worcester.
This is a smaller county, so there’s not quite as much activity. We saw 17 properties hit the market in the last seven days, while 20 have gone under contract. So, just a few more under contract than coming on the market.
U.S. National Market Update
When we look at the market nationally, we’ve seen this trend actually not just nationally but here at the beach as well. If we look back over about the last six weeks, we’ve seen an increase in the number of transactions slightly just over what is coming on the market.
At the same time, we’ve seen interest rates that have continued to decline.
It would be interesting to look see where interest rates are as of today since it is part of the reason why we’re seeing a little bit more activity.
As of today, a 30-year fixed mortgage interest rate on average is 6.15%. That is down from numbers that were over 7% percent at one time. Thus, anybody who’s looking at the affordability factor can actually buy more house by that one percent decrease in the mortgage interest rate.
If we’re looking at a 15-year mortgage right now, fixed rate is at 5.37% on average. One aspect aht can be surprising is that if you are actually going to be borrowing more money and you get up into that jumbo loan category, right now, we’re seeing rates under 6% at 5.72% for a 30-year jumbo loan.
Rates have come back down, and the other interesting thing is that we’ve added a few more properties to the market. Ryan has been personally involved in three multiple-offer situations in the last seven days, and we’ve been seeing quite many of those lately. This shows that the best properties that have the greatest condition, priced in line with the market, and are in the greatest locations are still getting lots of activity.
2023 is going to be the year of opportunities. After sitting on the sidelines in 2022, you might want to jump back in as we’re going to see opportunities here in the real estate market.
So, that is your real estate market report for January 12, 2023. If you’d like to learn more or if you have more questions, give us a call, and we’ll be happy to answer those questions for you.