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Weekly Market Update January 4, 2023

Ryan Haley, broker and owner of Atlantic Shores Sotheby’s International Realty is back with the weekly real estate market report, the first one for 2023. 

What’s going on in the local beach real estate marketplace? 

Worcester County Maryland Real Estate Market Update

In Worcester County, Maryland, in the last seven days, we saw 21 new properties come on the market between coming soon and just listed. At the same time, the trend continues with 25 properties going under contract, outpacing the number of new listings. 

The market still remains active. It’s interesting that every year, between Christmas and New Year, there’s always a bit of an uptick in activity. People come back to town, whether it be sellers or folks who just haven’t been here since the end of the summer, and they want to come back to the beach. As a result of that, we see some more activity.

Sussex County, Delaware Real Estate Market Update

In Sussex County Delaware, in the last seven days, we’ve had 40 properties come on the market between coming soon and just listed. At the same time, we had 67 go under contract. 

The divide between pendings and new listings is a little bit greater than what we saw in Worcester County with 67 properties under contract in the last seven days. 

Wicomico County, Maryland 

Switching gears to inland in Wicomico County on the Maryland side, we saw 13 new listings and 12 properties under contract in the last seven days. So it’s fairly balanced, with the number of new listings outpacing the under contract by just a little. 

There’s definitely some activity in the marketplace. 

If you’re thinking about buying a home here in the next say 90 to 180 days, you may want to consider getting a jump start on it early in the year as there’s going to be a little bit less competition. 

It’s true that we saw an uptick here in the last week, but it looks like we’re going to see a little bit less competition, thus, you’ll have the ability to pick and choose a little bit more. 

At the same time, we are also seeing the best properties still going relatively quickly, and in some cases, we’re seeing that multiple offer situation. So, it just depends on your unique situation and you’re going to want to buy and or sell when it works best for you. 

We are here to help guide you and whether it’s today or it’s in the future, we’re going to give you the best advice and we can help you achieve those goals. 

Should you have any questions at all about the market, about interest rates, mortgage, or home inspections, we are happy to give you our best advice and answer any questions that you might have. 

Happy New Year to you all!

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