OCMD Real Estate Market Update and Surrounding Counties - 03/28/24

Hello everybody. It's Ryan Haley with Atlantic Shores Sotheby’s International Realty coming back with the real estate market report for Delmarva and here we are, March 26, 2024. 

What are we seeing here on Delmarva coming to the end of March and the end of the first quarter? This is a time when we like to kind of go back and reflect, and we're getting ready to put together the end of the first quarter report for you, which will be coming out here in the next 7 to 10 days. 

Worcester County Real Estate Market Report

In the last 7 Days in Worcester County, Maryland, we've seen 62 new properties hit the market, while we had 69 go under contract. So we're seeing this pace of the spring market where we are outselling the new inventory but still good numbers. We're up in the 60s as far as new inventory goes, up in the 60s as far as transactions go, almost 70 for that, uh, matter there. So good activity here in Worcester County. Total countywide, 509 actives as of today, while we are at a pace of 229 over the course of the last month here. 229 going under contract. That is, that gives us a 2.2-month supply in Worcester County, Maryland.

Wicomico County Real Estate Market Report

Wicomico County, the tightest County here on the shore. 28 new listings in the last 7 days, while we once again had 39 going under contract. So certainly outselling the inventory there in Wicomico. 140 total actives, but we are outselling that. We have 144 going under contract in the last 30 days. That gives us under one month supply in Wicomico County. 

Sussex County Real Estate Market Report

Sussex County, Delaware, 1,772 new listings here over the course of the last 7 days, while we had 174 go under contract countywide. 1,588 total actives, while we are selling 541 in the last 30 days. That gives us a 2.9-month supply. 

Mortgage Interest Rates

Where are interest rates? Today we are at 6.9% as the average on the 30-year fixed. Last week, the FED had their monthly meeting, and they once again unanimously voted to keep the federal funds rate where it is. So they did not increase rates, and they also alluded to the fact that over the course of the remainder of the year, we may see up to three rate reductions for the federal funds rate. The market liked that news, and as a result, we saw interest rates on mortgages go below 7%. So all in all, great news here as we are continuing on through the spring market. Easter weekend coming up here, which is always a busy time at the beach. 

So hopefully, you have a great holiday, and we look forward to seeing you here at the beach. And that is the market report here for Delmarva for once again March 26th, 2024.

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