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Weekly Market Report for Delmarva – August 16, 2023

Ryan Haley is back with the real estate market report for Delmarva for the week of August 16, 2023. 

Halfway through the month of August, what are we seeing here for the last seven days in our resort real estate market? 

Market Update for Worcester County, Maryland

Well, if we focus on Worcester County, Maryland, here in the last seven days, we had 70 new listings hit the market. At the same time, we had 54 properties go under contract. 

So, we’re seeing a little bit more inventory being added to the marketplace, which is a good thing if you’ve been keeping your eye on the market and maybe have missed out a couple of times. Keep an eye out for those opportunities as there are a few more out there. Currently, county-wide, there are 354 total actives, and we had 181 go under contract here in the last 30 days. That gives us exactly two months’ supply in Worcester County.

Wicomico County, Maryland Update

Going over to Wicomico County, the Wicomico County market remains very hot and very tight when it comes to inventory. There were only 17 new listings here in the last seven days, while we had 20 go under contract. County-wide, there are 135 properties in total for sale, and we had 92 go under contract in the last 30 days. That gives us 1.5 months’ supply, so that market is extremely hot. The good one comes on, goes under contract very quickly.

Sussex County, Delaware Market

Finally, in Sussex County, Delaware, there were 128 new listings here in the last seven days, while we had 149 go under contract. So, definitely selling more than what we’re seeing come on the market in Sussex County. That is continuing to remain a very competitive market. County-wide, there are 1308 total active listings, and 481 have gone under contract in the last 30 days. That gives us 2.7 months’ supply in Sussex County.

Opportunities for Buyers

We just had a team meeting here yesterday, and we were talking about where are some of the opportunities for buyers in this marketplace, especially those that have been looking here throughout the summer and either have been a day late, dollar short, or have missed out because of stiff competition. 

One of the opportunities I’m focusing on for my clients is this time of year, we’ve just gotten past the busiest week in Ocean City on an annual basis, and that’s White Marlin Week. We had the most people in town here. But now, as we transition into this next week halfway through the month, we are seeing a lot of kids going back to college. We see fall sports that are definitely in play and some people that maybe are sidetracked a little bit. 

So, you could have a little bit less competition in the next couple of weeks before people come back and say, “I’m ready to buy in the fall market.” So, there could be this sweet spot in the marketplace to finally secure that property. It might not mean that you’re the only offer, but there could maybe only be two offers as opposed to five. So, I think if you have been looking for some time, you want to be keeping your eyes on the market on a daily basis, maybe two times a day, seeing what’s hitting the market and staying in touch with your agent here so we can help you find that right one.

Interest rates, I’ll round out with that. It’s the highest level that we’ve seen in the last year going back to November, we’re at 7.25% as of today on a 30-year fixed. But the market has remained resilient, and buyers, as you can tell by these numbers, have not been necessarily put off by those higher rates. They realize that they could remain higher for a more extended period of time, and they’re more concerned about securing the right property for them.

So, there you have it. That’s what’s going on here on the Delmarva Peninsula. If you’d like additional information as to what’s going on in smaller segments of the market, feel free to reach out to me. If you like this information, please share it with a friend, and we look forward to seeing you back here next week for another real estate market report.

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