Local Real Estate Market Report for February 15, 2023
In this video, Ryan Haley shares his insights on the real estate market situation in Delmarva for February 15th, 2023.
We just got past Valentine's Day, and we are looking forward now to President's Day weekend. Some very interesting dates here in February.
When we look at historically what happens in the real estate market, one of the key dates that many people drive towards as the kickoff to the spring market is Super Bowl weekend. Super Bowl Sunday is that first official date that most people want to get their property ready for enlisting. Here in Ocean City and/or the beach, we've got a couple of key events here with Valentine's Day happening yesterday. This coming weekend is Boat Show weekend. It's also President's Day weekend, so it's a three-day weekend. Most kids are off school.
That is, typically, the unofficial kickoff to the spring real estate season. So, we're interested in anticipating, from this point moving forward, that we're going to see a little bit greater activity with some more listings, and definitely, more sales.
Worcester County in the Last Seven Days
When we look at what's going on in Worcester County in the last seven days, we had 34 properties come on the market, and we had 53 go under contract. Still, out-selling the new inventory with pendings, and we've continued to see this trend now for the last six or seven weeks.
In total, we have 251 properties active, had 163 go under contract in the last 30 days. That gives us 1.54 months’ supply here in Worcester County.
Sussex County Delaware in the Last Seven Days
In Sussex County, Delaware, there were 145 new properties in the last seven days, while we saw 142 go under contract. Very balanced market there. We’re seeing some new construction activity up there.
Of those total of the total inventory, we have about 500 new construction homes that are on the market, and some of our agents have been out there checking out some of these new construction properties. And we're seeing, interestingly enough, some incentives.
We're seeing some closing cost assistance. We think these builders really want to get some of their properties under contract and moving as we go into the spring market, which is good news for you as a buyer.
So total actives in Sussex County is 1,233, while we had 474 go under contract in the last 30 days, giving us 2.61 months supply.
Wicomico County in the Last Seven Days
Rounding out the Eastern Shore in Del Mar over here, Wicomico County, 17 new listings in the last seven days and 34 properties going under contract, definitely outpacing the new inventory with what's going under contract.
Total inventory 136 homes for sale in Wicomico County today, and 86 under contract in the last 30 days, giving us 1.58 months' supply. That pretty much is right in line with what we're seeing here in Worcester County.
So, the two Maryland counties are having a little bit less supply, a little bit more robust as far as demand versus inventory is concerned. In Sussex County, we still got some great options to choose from, and it's still a very active market when we look at it nationally.
Interest rates have ticked up a little bit here in the last seven days, but still seem to be settling into that mid-6 range. That seems to be the average for a 30-year fixed. Obviously, your 15-year products are a little bit less, and then your government loans are typically under six percent as well.
So there you have it. That is the real estate market report here for February 15th. If you like this information and if you have any questions at all, please reach out to us, and we'd be happy to discuss with you.
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