Ryan Healey is back with the weekly real estate market report. We are coming to the end of the first quarter, end of March, and we have had lots of activity here at the beach. This is the real estate market report for Delmarva for March 29, 2023.
Sussex County, Delaware Market Update
In Sussex County, Delaware, in the last seven days, we had 120 new properties hit the market while, at the same time, we outsold that as we had 131 properties go under contract in the last seven days. Total countywide, 1,210 properties and 453 have sold here in the last 30 days, giving us 2.67 months’ supply currently in Sussex County, Delaware.
Worcester County, Maryland Market Update
If we move into Worcester County here, coming a little bit further south, crossing over into the Maryland side, we had 50 properties come on the market in the last seven days. At the same time—big number here—80 properties going under contract in the last seven days.
We are getting close to that peak of our spring market. People are wanting to get in here before summer, and we’re seeing a little bit more inventory, which kind of sparked people’s interests. So, lots of activity, with 80 properties going into contract here in the last seven days.
When we look at the entire County, 279 actives currently today. There were 185 that have gone under contract in the last 30 days, and that gives us 1.5 months’ supply.
Wicomico County, Maryland Market Update
In Wicomico County, we had 23 properties coming on the market in the last seven days, and we had 38 go under contract, so almost double going under contract.
Lots of activity there in Wicomico County, and the tightest county out of all here on the shore, with 130 active today and 111 going under contract in the last 30 days, giving us just 1.2 months’ supply.
National Market
So, what’s going on nationally?
Many of you have heard last week the Fed decided to raise the federal funds rate again but also indicated that that might be kind of coming to an end here.
We’ve obviously had some shake-up with the banks, but what we want you to know is although the Fed has raised their federal funds rate, mortgage rates actually came back down last week. This happens just about every single time because the mortgage banks have already priced in and anticipated what the Fed was going to do.
Last week, we actually went down almost one full percentage point to the lowest level with mortgage interest rates going back to February. So, we’ve got a little more inventory, we’ve got the lowest interest rates we’ve seen in a bit of time here, and that is causing that demand to spike.
Lots of activity! If you’d like to know about any specific area here on the shore or any community, we would love to help you with that.