Real Estate Market Report for October 12, 2022 - Worcester MD & Sussex County, DE
Ryan Haley, broker with Atlantic Shores Sotheby’s International Realty is back for the October 12, 2022, real estate market update.
Market Update for Worcester County, Maryland
Worcester County, as many of you know, is where we find Ocean City, Maryland. So, what we have seen in the last seven days here is that we had 60 new properties come on the market between coming soon and active, while at the same time, we had 42 go under contract. This is the first time in a number of weeks that we've had fewer properties go under contract than properties that have come on the market. This means that there is more inventory to choose from.
When we look at the entire County right now, we have 310 active properties for sale, while in the last 30 days, we had 162 go pending sale. That means our month’s supply is creeping up a little bit. We are at 1.9 months’ supply, up from last week when we were at 1.5 months’ supply. That’s good news for buyers as there is a little bit more to choose from.
Market Update for Sussex, Delaware
In Sussex County in the last week, we saw 157 new properties hit the market, while at the same time, 131 properties have gone under contract in the last seven days.
County-wide, we have 1,356 active and 439 pending properties in the last 30 days and that gives us three months’ supply. That is up just a little, and that's right in line with what we see from a national average.
We've also seen some more price reductions. We had 154 price reduction reductions in the last seven days here in Sussex County. That means that sellers are getting their properties positioned to sell.
Switching back to Worcester County, we saw 32 properties go under contract. So, what does that mean? That means that there is actually now maybe a little bit more inventory.
If you've been a buyer for the last six months to a year and you just haven't quite been able to find what you're looking for, the good news is that we're seeing a little bit more inventory hitting the marketplace which we've all been waiting for as real estate agents. As buyers, you've probably been waiting for those additional opportunities as well.
Market Update for the Country
What’s happening in the national market?
Obviously, every real estate market is a local market, but we like to also look at what's happening nationally. Let’s look at some of the headlines this week from some of the top experts when it comes to the national market.
Michael Lane, VP of Showing Time, a service that real estate agents use to schedule showings, says that this fall, a more moderate pace of home selling, more listings to choose from, and softening price growth will provide breathing room for buyers searching for a home during what is typically the best time to buy a home. So, expect a little bit more opportunity there. We're seeing prices continue to increase but at a softer pace, a decelerated pace.