Weekly Market Report for Delmarva - 03/01/2024

Ryan Haley is back with another real estate market report for Delmarva, this time for February 27th, 2024. 

This is last real estate market report for the month of February, two months in, but we are two months in 2024 and things are moving right along in the real estate market. Definitely continuing to see some signs of activity, definitely seeing the tightness in the market, with the inventory that many people thought was going to flow in has not yet happened and the market still remains very tight. The best properties are still getting lots of activity, and many of the experts have done upward revisions to their expectation for prices in 2024. 

Many people who were very bearish, who thought we would see anywhere from zero to 1% appreciation throughout 2024, have increased those numbers, and a lot of it has to do with high demand and low inventory. Some revisions are upwards of 3, 4, and 5% increase in home values here for 2024. So that being said, what are we actually seeing in the market? 

Worcester County Real Estate Market Report

Well, in Worcester County, we've had 72 new listings come on the market in the last 7 days, while we had 68 go under contract. Pretty well balanced those numbers anybody who's been following this every week, to have 72 new listings this week here in Worcester County and 68 go under contract, those numbers like double to what we saw back in December as far as the total flow. So activity is increasing countywide. 497 total actives countywide, while we had 167 go on contract here in the last 30 days. Technical numbers on that, 2.97 month supply, we can round that up to an even three month supply here in Worcester County, Maryland. 

Wicomico County Real Estate Market Report

Going over to Wicomico County, 28 new listings in the last 7 days, while we had 32 go under contract, so outsold the new inventory. 195 total actives in the county in Wicomico, 93 going under contract in the last 30 days. That gives us a 2.1 month supply. Wicomico is very tight. Actually, one of our agents, we were just talking here at team meeting today, and you know, he had a client who in, and this is in the $500,000 plus range price point, great property came on the market just a few days and three offers on it, so that is the best properties are certainly getting activity in Wicomico County. 

Sussex County Real Estate Market Report

Going over to Sussex County, the largest county here on the shore, 171 new listings in the last 7 days, while we had 183 go under contract, outselling the new inventory. 1,474 total actives in the county, while we had 483 go under contract in the last 30 days. And interestingly enough, we're at a 3.1 month supply. 

So Worcester, Wicomico, and Sussex counties all remaining fairly tight here, and I'm definitely sensing more positivity in the overall feel of the real estate market.

Mortgage Interest Rates

Where are interest rates this week? So the 30-year fixed is coming in at 7.16% on average nationwide, jumbo is also up over 7%, but then our government loans, your FHA, your VA, your USDA, and your adjustable rates are all under 7%. 

So there you have it, that is the recap for the Delmarva real estate market report. If you like this information, please share it with a friend, subscribe to the channel, and I look forward to bringing you another edition next week of the Delmarva real estate market report.

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