Ryan Haley reports on the real estate market halfway through March 2023.
We just got past the St. Patrick’s Day Parade here in Ocean City, first time since pre-Covid that we actually had the parade go on. For real estate, it was a busy weekend. So, here’s how the market is doing in the three counties on the Eastern Shore.
Worcester County, Maryland
Something unique here in Worcester County is we actually have added a little bit of inventory. There were 62 new properties that have come on the market here in the last seven days, while 38 have gone under contract.
In total county-wide, we’ve got 287 properties on the market and 156 going under contract in the last 30 days here, so that gives us 1.8 months’ supply. Once again just adding a little bit more inventory, which is good. if you’re looking to buy, you will want to see some more inventory to ive you a few more options to choose from. It is not a huge jump but a little jump.
Wicomico County, Maryland
In Wicomico County, Maryland, 23 properties have come on the market in the last seven days, while we had 36 go under contract, so we’re definitely selling more there in Wicomico County versus what’s coming on the market.
There were 132 total active listings and 100 under contract in the last 30 days, giving us 1.32 months’ supply. That’s the lowest here on the Eastern Shore.
Sussex County, Delaware
In Sussex County, Delaware, there were 138 new properties on the market in the last seven days, while we had 165 go under contract. We are losing inventory, outselling what’s coming on the market in Sussex County. The spring market is in full effect there.
There were 1,212 total actives, 479 going under contract in the last 30 days, giving us 2.5 months’ supply. A big chunk of that is new construction. The same thing is happening in Worcester County. In the Berlin zip code 21811, a lot of the inventory that we saw come on was new construction in a couple different new construction developments.
On Bayside, which is Route 611 going towards Assateague, we saw some new inventory come on there and then also in River Run we saw some more inventory hit the market as well.
So there you have it, that’s what we’ve got going on with the real estate market as we are getting into the prime of the spring real estate market season here. If you have specific questions on specific areas, let us know. We’d love to help in any way that we can.