Weekly Market Report for Delmarva August 31, 2023

Ryan Haley with Atlantic Shores Sotheby's International Realty is back today with the last real estate market report for Delmarva for the month of August.

What we have upon us here is the Labor Day weekend, so it's a big weekend here at the beach, and we're excited to have a nice three days to be able to relax before a lot of our kids go back to school next Tuesday. 

But when we stick to real estate, what have we seen here at the end of August? Well, I'm going to start and mix things up a little bit. We're going to start with Wicomico County.

Wicomico County Real Estate Report

I will say that it's ironic, but the market report for almost all three of our counties here on the shore remains very similar to what we saw last week. But in Wicomico County, we had 23 new listings hit the market in the last seven days, while we had 21 go under contract in that period of time. So we added two pieces of inventory. County-wide, 128 total actives, with 95 going under contract in the last 30 days, giving us 1.3 months' supply in Wicomico County.

Sussex County, Delaware Real Estate Report

In Sussex County, Delaware, there were 142 new actives, 157 going under contract. We're outselling the inventory in Sussex County, with 1,317 total actives county-wide and 474 under contract here in the last 30 days. That gives us 2.8 months' supply. So both Wicomico and Sussex County markets are almost identical to what we saw last week.

Worcester County, Maryland Real Estate Report

When we go over to Worcester County here in the Ocean City area, Worcester County, going from Delaware to Virginia, Maryland's only Coastal County, we have 69 new listings here in the last seven days, while we had 53 go under contract in the last seven days. So we're adding some inventory. This is two weeks in a row where we've added some inventory to the Ocean City Market. 

There's some opportunities out there, I will tell you, keep your eyes peeled if you've been looking for a while. I'm finding myself sending out messages, I'm seeing stuff pop up, sending that to my clients. So, there are some unique properties out there to be had, but you've got to keep your eyes peeled and you have to be ready to act quickly. County-wide, 363 total actives and 167 going under contract in the last 30 days. That gives us 2.2 months' supply.

Interest Rates Update

What have we seen with interest rates? Well, this is good news again if you're a buyer. A little bit more inventory, and we've also seen interest rates come back down to some of their lowest levels that we've seen in the last few weeks. Part of that is because some economic data that came out this week was not as strong as people had thought, and it's the way that works with mortgage rates. 

When the economic data is not as strong, meaning the economy might not be going at quite the clip that some had anticipated, that typically helps interest rates. So right now, the average 30-year fixed has gone down to 7.06 percent. Keep in mind that this is good because just a couple of weeks ago, we were talking about seven and a half percent interest rates.

So there you have it, opportunities in the marketplace. If you'd like to know more about buying or selling or anything we can do when it comes to some micro-markets within our larger market, please let me know. If you like this information, please share it with your friends, and we will see you next week with our first September real estate market report. Have a great Labor Day weekend.