Weekly Local Real Estate Market Update for Delmarva - September 13, 2023

Ryan Haley, broker and owner of Atlantic Shores Sotheby's International Realty, comes to you with the real estate market report for Delmarva for the week of September 13th, 2023. 

It is Bike Week here on Delmarva, so we are apologizing in advance if you hear any loud noises in the background. We could have some bikers going past the office, so it's an exciting time. We typically have some of our best weather here in September and October, so we're right in the middle of it.

What's going on with the real estate market here on Delmarva? 

Well, I can tell you this: In all three of our counties, we actually have outsold the inventory across the board. So, we are selling more than what's coming on the market. That is an indication that people are still very excited to buy beach real estate, and they're excited by the fact that we have seen a little bit more of an uptick in the number of homes coming on the market. It's not adding to our inventory because we're outselling it, but we are seeing a few more properties come on. Thus, people are excited, and they are jumping on it.

Worcester County Real Estate Update

We're going to start here in Worcester County. In the last seven days, we had 57 new properties come on the market between "coming soon" and active, and we outsold that number by quite a few. We had 72 go under contract during that period of time. County-wide, we are back under two months' supply. We've got 361 properties for sale, while in the last 30 days, we sold 186. That gives us 1.9 months' supply in Worcester County.

Real Estate Update for Wicomico County

Wicomico County, Maryland: We had 33 new properties come on the market in the last seven days, while we had 36 go under contract. County-wide, we have 154 actives or properties for sale today, and in the last 30 days, we had 90 go under contract. That gives us 1.7 months' supply in Wicomico County.

Real Estate Update for Sussex County, Delaware

In Sussex County, Delaware, there were 170 new listings, but we sold 178 in the last seven days. County-wide, there are 1,349 properties currently for sale, 484 going under contract in the last 30 days. That gives us 2.8 months' supply in Sussex County.

Update on Interest Rates

What's going on with interest rates? Well, interest rates have remained steady. As of today, the average across the entire United States for a 30-year fixed is 7.2%. That, like I said, seems to be holding, and honestly, it's very interesting. It has not necessarily affected buyer demand here as of late. Buyers are, I think, getting quite savvy where they realize that the higher interest rates are presenting some opportunities for them. They are willing to go find that right property, secure that right property, and make sure that they have something that they can use and have and be excited about. Then, down the road, when the time comes, they will think about refinancing that mortgage.

So there you have it. That is what we are seeing here in Delmarva and some of the trends. If you like this information, please share it with a friend, or feel free to reach out to any of us here, as we'd love to customize this report for you to make it more in line with any micro markets that you're looking in. 

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