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Weekly Real Estate Market Report for Delmarva- April 19, 2023

Ryan Haley from Atlantic Shores Sotheby’s International Realty is back with the real estate market for the week of April 19, 2023.

Worcester County, MD 

In the last week in Worcester County, Maryland, we’ve had 49 new properties come on the market, while we’ve had 51 go under contract in that time. Very balanced. 

This is the first time where it’s kind of starting to balance out a little bit. Normally, what we’ve been seeing is that the sales have far exceeded the inventory. Actually, we have a little pop in inventory this week, which is fantastic for those who are looking for that property. You’ve got a few more options. 

What does that look like county-wide? There were 276 total active, 189 under contract in the last 30 days. That gives us 1.46 months’ supply in Worcester County, Maryland. 

Sussex County, DE

Moving to Sussex County, Delaware. In the last seven days, we’ve had 122 properties come on the market, while we had 140 go under contract. So, the under-contracts are outpacing the new inventory there in Sussex County. 

There are 1,234 actives as of today, while we sold or had 452 actually go under contract in the last 30 days, giving us 2.73 months’ supply. It is still under that three-month supply there in Sussex County, Delaware. 

Wicomico County, MD

Rounding out Delmarva with Wicomico County. In the last seven days, there were  32 new listings while we had 34 go under contract. Very balanced there county-wide. 

There are 125 actives as of today, while we had 118 in the last 30 days going under contract. That gives us just over one month’s supply. So, still very active here. 

We are really in the prime of our spring market over here at the beach. We’ve got a lot of people who are still trying to secure something before the beach season begins, and then inland obviously there’s that pent-up demand which we’re not going to see go away here in the near future. People want a home, people need a home, and a lot of people were kind of sitting on the sidelines in 2022, so 2023 is the year for them. 

Nationwide Situation

Nationwide, we’ve seen interest rates tick up a little bit. We are into the mid-6s right now, obviously very volatile. It depends on what the FED does on a daily basis. If they have a speech that comes out and everybody’s looking at what are they saying to determine what’s going to happen with interest rates in the near term, so we expect some more volatility there. 

All in all, there are opportunities. We would love to assist you and/or answer any questions about your specific home, whether it’s anywhere in the state of Maryland, anywhere in the state of Delaware—we’ve got you covered. It would be our pleasure to assist in any way that we can. We hope you enjoy the rest of your week, and we’ll see you back here next week for another market report for Delmarva.

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