Weekly Market Update for Delmarva July 19, 2023

In this video, Ryan Haley talks about the real estate market in Delmarva for the week of 19th of July, 2023. 

We’re having a great time here at the beach this summer of 2023. Hopefully, you've been able to make it down here, whether it's a property you already own, or you've been in the area to vacation and keep those dreams alive about buying a property here at the beach soon. 

That being said, what is going on with the real estate market in the past seven days?

Worcester County, Maryland Real Estate Update

In Worcester County, Maryland, we've seen an uptick in the number of properties going under contract again, and our inventory and days on the market have continued to decrease. Months’ supplies also continue to decrease. 

Right now, in the past seven days, we had 57 new listings, which is a good number coming on here in Worcester County. But we had 75 actually go under contract in the last seven days, so far outselling the new inventory.

If we look county-wide here for the last 30 days, currently, we have 316 properties for sale, while we had 196 go under contract. That gives us 1.6 months’ supply currently. That's down from right about two months’ supply, so that number is coming down here in Worcester County. 

Wicomico County, Maryland Real Estate Update

In Wicomico County, it’s been very even, with 29 new listings in the last seven days and 29 going under contract. Total across the county, 135 actives as of today, and we had 92 go under contract in the last 30 days. So that gives us 1.5 months supply currently in Wicomico.

Sussex County, Delaware Real Estate Update

Rounding out Delmarva, Sussex County, with 137 new listings in the last seven days, while we had 135 go under contract county-wide. 1315 total active properties and 407 under contract in the last 30 days, giving us 3.2 months' supply.

Inflation Update

If anybody's paying attention to the news, we have some good inflationary numbers come out at the end of last week, the lowest inflation rate that we've seen in the last two years, which is fantastic news. That does show us that what the FED is doing is working. Now we'll have to see if the FED continues to go maybe a little overboard and continue to raise those rates. That is yet to be seen. 

But what I can tell you from a mortgage rate, which is not directly tied to the federal funds rate, our mortgage rates are actually at their lowest levels than they've been in the last six weeks or so. 

We are currently under 7.7%, and we are right at 6.8% right now on a 30-year fixed average across the entire United States.

So there you have it. That is the report here for Delmarva mid-July. Hope you're doing well. We look forward to seeing you here at the beach. If you like this information, please share it with a friend. Have a great day!