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Weekly Market Update for Ocean City, MD & Surrounding Areas – March 8, 2024

It’s Ryan Haley with Atlantic Shores Sotheby’s International Realty, coming to you with the real estate market report for Delmarva, March 7th, 2024. The first market report here for March. We’re at that point in the year where we’re not going to say we’re getting ready for the spring market, we are in the spring market now. We’re into March, the flowers are starting to bloom, the weather is getting a little bit warmer, and we’re having more and more people come to town every weekend.

We are in the spring market, and what are we seeing thus far?

The big headline is we just reached the lowest mortgage rates in the last 3 weeks. We are back down below 7% on a 30-year fixed, coming in at 6.97% on average nationwide for a 30-year fixed mortgage. Fed Chairman Powell came out and had his commentary yesterday after the last Fed meeting, and what he put out there was we can continue to expect that we will see the Fed reduce rates at some point in 2024, but most likely they’re not going to do it quickly. They’re going to continue to watch the economy, see how things go, especially the jobs reports, and then make their decision later in the year. So those of you who’ve been waiting for lower interest rates, it’s going to be off into the future. And what we want to caution you is if you see a good property today, get on it now before those rates come down because at the point when they do decrease, there is so much pent-up demand in the real estate market right now that we are going to see more buyers enter the marketplace and there’s no guarantee that we’re going to see increased inventory. 

If you find that right deal as a buyer, jump on it today, lock it in, secure the property, and then down the road there’s going to be opportunities in most cases to be able to refinance and change your rate at that point.

Worcester County Real Estate Market Report

Getting into the local real estate market, starting in Worcester County, in the last 7 days we had 83 new properties come on the market, while we had 71 go under contract in that period of time. That’s what we’re talking about when we’re seeing more opportunities, more inventory. If we look at the countywide, 511 total actives here now in Worcester County, but the rate at which we’re selling is increasing. So we had 255 going to contract in the last 7 days, that gives us a two-month supply here in Worcester County, Maryland. 

Wicomico County Real Estate Market Report

Hopping over to Wicomico County, 19 new listings, but we had 32 go under contract. That is still the tightest county here on Delmarva. 191 countywide in Wicomico, 96 going under contract in the last 30 days, that’s giving us a two-month supply in Wicomico County. 

Sussex County Real Estate Market Report

Finally, Sussex County, Delaware, 154 new listings here in the last 7 days, while we had 163 go under contract. That gives us 1,472 total actives countywide and 484 going under contract in the last 30 days, giving us a three-month supply in Sussex County, Delaware.

There you have it, that is the real estate market report for the first week in March. Into the spring market, we go. If you have any questions at all about what’s going on, please reach out to me. Please share this with a friend, like, subscribe. Look forward to seeing you next week with another edition of the Delmarva real estate market report.

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