Welcome to this week’s real estate market report for Delmarva, presented by Ryan Haley.
Worcester County, MD
We’re into March and we’re starting to see flowers, we’re starting to see buds on the trees, we’re starting to see a little bit of pollen. That spring feel is in the air.
In Worcester County, Maryland in the last seven days, 50 properties have come on the market, while we have had 58 go under contract. That trend of outselling the new inventory continues. There were 261 properties in total in the entire county that are for sale right now, while 169 have gone under contract in the last 30 days, giving us 1.5 months’ supply.
Sussex County, Delaware
In Sussex County, Delaware, 150 properties in the last seven days have come on the market, and an even turn here with 149 that have gone under contract county-wide. There were 1,214 properties for sale, and 475 have gone under contract/pending in the last 30 days, giving us 2.6 months’ supply in Sussex County, Delaware.
In Wicomico County, we’ve had 30 properties come on the market in the last seven days, while we had 33 go under contract. So that’s still very balanced in Wicomico County, 147 county-wide available, and 97 have gone under contract in the last 30 days, giving us the same as Worcester County here, 1.5 months’ supply.
So, the market continues to stay very active as we are getting closer to the peak of the spring market.
Where are interest rates this week? We’re seeing them bounce around a little bit, but in general, they are just under 7% of the advertised 30-year fixed rate.
Give us a call if you’re wondering about where rates are at because we can certainly connect you with a great lender because there are some other options out there, especially with adjustable-rate mortgages right now, which will give you a much lower interest rate to start out on and then they’re locked in for a period of time. We’re seeing that being a very popular option right now, especially for these second homes and condominiums at the beach.
So, if you like this information, please share it with a friend, and leave a comment if you’ve got any questions, or you’d like to know about other specific properties.