Weekly Market Update for Delmarva - June 28, 2023

Ryan Haley with Atlantic Shores Sotheby's International Realty is back with the real estate market report for Delmarva on the 28th of June 2023. 

This will be the last market report, not just for June, but for the first half of 2023. Hard to believe we are halfway through, but lots of interesting information to report here with regard to our real estate market.

Worcester County, Maryland Real Estate Market Report

We're going to start in Worcester County, Maryland. In the last seven days, we had 43 properties come on the market, while we outsold those 43 and had 48 go under contract in the last seven days. Total actives in Worcester County are 308 currently, and we've had 161 go under contract in the last 30 days. That gives us 1.9 months' supply of inventory in Worcester County, Maryland.

Wicomico County, Maryland Real Estate Market Report

In Wicomico County, we had 24 new listings in the last seven days, and we had 29 go under contract. Very similar to what we saw in Worcester County, we're outselling the new listings county-wide. We have 119 total actives, while we had 93 go under contract in the last 30 days, giving us 1.3 months' supply.

Sussex County, Delaware Real Estate Market Report

Finally, over in Sussex County, Delaware, we had 124 new listings in the last seven days, while we had 128 go under contract. That gives us, for all three counties, an outsold new inventory in the last week. Total actives in Sussex County, Delaware, are 1,349, and we had 421 go under contract in the last 30 days. That gives us 3.2 months' supply.

Market Inventory 

Now, one thing I'll point out: we are certainly outselling the new inventory, but at the same time, the total new inventory in all three counties is very low. We only had 43 properties come on the market here in the last seven days in the entire county, at Worcester County, which includes Ocean City, Maryland, where we have upwards of 300,000 people at any given time during the summer months. This inventory is extremely low. 

The same thing goes for Wicomico. You have Salisbury, which is the crossroads of Delmarva, and a city, and you're only seeing 24 new listings come on a weekly basis. Those are very low inventory numbers.

So, what happens when you have low inventory and the demand is either equal to the inventory or stronger? We're going to continue to see those prices push up. Year to date, we're up just over 6% appreciation here at the beach.

So, what are interest rates doing? While at the same time, we are seeing strong demand, low inventory, and prices continuing to push up, we've also seen those interest rates still remain at fairly high levels. As of today, we're just under seven percent, averaging 6.9% for a 30-year fixed interest rate across the board on a mortgage.

So there you have it, once again, the last market report for the first half of 2023. If you like this information, please share it with a friend. Feel free to reach out to anyone on our great team if you have any questions at all when it comes to real estate in the greater Delmarva area. Thanks again, and we'll see you next week.