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Weekly Local Real Estate Market Report May 17, 2023

Ryan Haley with Atlantic Shores Sotheby’s International Realty is back with the real estate market report for May 17, 2023. Halfway through the month in May, and here at the beach, it is Cruiser’s weekend. We’re starting to fill up a little bit. The Cruiser’s weekend means we see a lot of the older cars, classic cars, and so it will be a great weekend in Ocean City. It’s one of those weekends where we don’t see a lot of people on the beach; we see them more on the road, so traffic could be a little busier than normal. But it’s always fun to see them come back.

What’s going on in Ocean City? What’s going on with the real estate market? 

Worcester County, MD Real Estate Marlket Update

Let’s start here in Worcester County, Maryland, where we had 54 new properties hit the market in the last seven days, while we had 59 go under contract. So, we outsold the inventory. It was the opposite last week when we had a few new properties come on, outpacing what went under contract. County-wide, 293 total actives for sale in Worcester County, 188 going under contract in the last 30 days. That gives us 1.6 months’ supply.

Wicomico County, MD

Moving over to Wicomico County—this is the greater Salisbury area—32 new listings, while we had 26 go under contracts. So, we added a few pieces of inventory. There were 130 total actives county-wide, and we had 1 go under contract in the last 30 days. That gives us just over one month’s supply, that is, 1.2 months’ supply. 

Sussex County, DE

Rounding out Delmarva is Sussex County, Delaware, our largest county. There were 158 new listings here in the last seven days is what we had 154 go under contract. It’s balance, all things considered. County-wide, there were 1,272 total actives and we sold 580 in the last 30 days. 

Mortgage Interest Rates

What are we seeing with mortgage rates? That’s a question that people keep coming back to. Right now, it’s 6.7% on average for a 30-year fixed across the country is what we’re seeing. Most of the experts I had a couple conversations here with say those rates will come down a little bit.

So there you have it, that is the real estate market report for May 17th. Hope you have a meeting. We’ll talk to you next week with another real estate market report. Thank you.

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