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Weekly Real Estate Market Report for Delmarva – October 12, 2023

Welcome back to this week’s real estate market update with Ryan Haley. Following is the full transcript of the video above. 

In the last week, we’ve seen a little bit more inventory hitting the market in Delmarva. I was out with some clients here yesterday, and it’s been great to see a little bit more inventory in a few spots.

I was checking out the oceanfront market, and we saw a few more three-bedrooms. I did look at some Bayside properties; there’s some great options there. Even in the primary housing market in West Ocean City and Ocean Pines, we’re seeing a little bit more. 

Worcester County Real Estate Update

So, what do the numbers actually look like here in Worcester County?

In the last seven days, we had 66 new listings hit the market, while at the same time, we had 58 go under contract in that period of time. Countywide, there are 421 current active listings, and in the last 30 days, we’ve sold 173. So, at that pace, we’re at a 2.48-month supply of inventory here in Worcester County.

Sussex County Real Estate Update

Going over to Sussex County, Delaware, there were 168 new listings in the last 7 days, while we had 156 go under contract countywide. There are 1,424 active listings, and 488 of those sold in the last 30 days, giving us a 2.9-month supply in Sussex County, Delaware.

Wicomico County Real Estate Update

In Wicomico County, Maryland, in Salsbury area, there were 38 new listings, while 27 went under contract in the last 7 days. There are 166 total listings in the county, with 93 going under contract in the last 30 days. That gives us a 1.7-month supply.

What I find a little interesting here is when we look at the inventory coming on, yes, we’ve added some more inventory, but then we actually look at the number of properties that are going under contract each week, and that remains at a good clip. That remains high, showing us that a lot of those buyers who’ve been waiting for the fall market to get out there and start looking are transacting. They’re making offers with a little bit more inventory, which is great news for buyers.

Interest Rates

Where are our interest rates as of today? Today we are looking at 7.6% on average for the 30-year fixed conventional loan as of today. That’s down a little bit from where we were last week. 

So, there you have it. That is the real estate market report here for Delmarva for October 12th, 2023. Look forward to seeing you back here next time for another market report.

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