Real Estate Market Report For Delmarva for November 9, 2023

Ryan Haley is back with the market update for Delmarva for the week of November 9, 2023. Here is the full transcript of the video. 

Hey everybody, Ryan Haley here with Atlantic Shores Sotheby’s International Realty. I'm coming to you with the real estate market report for Delmarva for the week of November 9th, 2023. Big day here! My middle child, the original middle child, Gabby's birthday is today, so giving a shout out to my daughter Gabby—sweet 16.

In other news, the real estate market—what have we seen here on Delmarva? 

Market Update for Worcester County, Maryland

Going to start off with Worcester County, Maryland. In the last seven days, we had 62 properties come on the market, while at the same time, we had 46 go under contract. If we look countywide, we currently have 455 properties for sale, and we're selling at about 150 a month. That gives us 3 months’ supply. That is up just a tad when we compare that to last week. 

We had 62 new listings and 53 go under contract in that time, so somewhat similar numbers but a little bit of a bump in inventory, which is great for buyers looking to purchase and looking for some options.

Market Update for Wicomico County, Maryland

When we switch over to Wicomico County, 35 new listings here in the last 7 days, while we had 36 go under contract. Very even right there. Countywide, 190 actives currently and selling 89 a month. That gives us a 2.1-month supply in Wicomico County.

Market Update for Sussex, Delaware

Sussex County, Delaware—169 new listings here in the last 7 days, while we had 160 go under contract countywide. Staying under that 1500 mark, we're at 1,487 total actives today, and we're selling 442 a month. That gives us 3.4 months’ supply.

Update on Interest Rates

The biggest news that we've seen here in real estate in the last week is interest rates. Interest rates have had their biggest drop of the year after seven consecutive weeks of interest rates continuing to rise for mortgages. We saw a pretty big jump. 

So, let's rewind the clock to where we were on November 1st of this year. We were at 7.75%. Going back 2 weeks prior to that, we were up over 8%. Where are we at currently today as of this recording? 7.41%—under 7 and a half.

So, two things I'm really keeping an eye on here are. 

Number one, if you're a buyer, you've got a few more choices to choose from, which is a good thing. 

Number two, affordability has just improved drastically as we are over a half a percent decrease in mortgage interest rates. This might be the time to get out there, take advantage of some of this additional inventory, and secure that property just in time to be able to line up what you need for next summer. 

If you're buying a resort property, this is that time of year. If you want to buy something, do a little bit of work to it, prep it, get it ready for possible rentals, this is that sweet spot to do it because remember, if you write a contract today, we're looking at a settlement probably just at the end of the year or early next year.

So, there you have it. That is the recap here for the real estate market for Delmarva for November 9th. If you like this information, please share it with your friends, and we look forward to seeing you back here next week with another market report.

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