Real Estate Market Report for Delmarva - July 13, 2023
Ryan Haley with Atlantic Shores Sotheby's International Realty is back with the real estate market report for almost the midway point in July of 2023.
Worcester County, Maryland Real Estate Update
Let’s start off with Worcester County, specifically, Ocean City and the greater general area. We had 70 new listings in the last seven days. That's a good little bump in inventory for you buyers out there, and there’s some additional good news for you in a while.
With 70 new listings in the last seven days and 52 going under contract, we had some more new listings kind of outpacing what went under contract here in the last seven days. County-wide, currently, we have 331 actives, and 163 have gone under contract in the last 30 days. That gives us a two-month supply for the first time. We are above, or actually right at that two-month supply mark in Worcester County.
Wicomico County, Maryland Real Estate Update
Wicomico County is somewhat similar. We had 35 new listings, with 29 going under contract in the last seven days, for a total of 136 new listings and 87 under contract in the last 30 days. This gives us 3.8 months’ supply in Wicomico County.
Sussex County, Delaware Real Estate Update
Sussex County, on the other hand, is a little bit of the opposite. We had 125 new listings and 147 going under contract, so we had more properties selling than came on the market in the last seven days. If we look county-wide, we have just over three months' supply. We currently have 1,335 actives, and 422 have sold in the last 30 days. That gives us 3.2 months’ supply.
As mentioned in a different video earlier this week, the supply-and-demand aspect still remains very tight. Inventory is fairly low, and there is strong demand. So the best properties are selling relatively quickly and very close to their list price, in general. That being said, we have seen a few more opportunities, a few more properties come on the market, which is great news for buyers.
Buyers have been looking for that additional inventory. And another piece of great news is that as of today, we are under 7% interest rates on the 30-year fixed for the first time in the last couple of weeks.
Previously, we've been up over 7%, but we are now down to the 6.9 range as of today. So, lots of good news there for potential buyers.
If you like this information, please share it with a friend. If you have specific questions about areas that maybe I'm not covering, or maybe some smaller communities within our areas, let us know.