Weekly Market Update for Delmarva | Ocean City, MD | October 25, 2023

In this video, Ryan Haley offers his insight on the real estate market situation in Delmarva. We are coming to the end of October, and we are now fully into the fourth quarter. We're starting to get some numbers, and we're starting to see some activity. 

Worcester County, Maryland, Real Estate Market Update

In the last 7 days, we had 63 properties come on the market, while we had 46 properties go under contract, definitely adding some inventory here, which is fantastic for those buyers who are looking for options. When we compare that to last week, we also had 63 properties come on the market, but we had 55 go under contract, so just a few fewer going under contract this week.

When we look at countywide here in Worcester County, we currently have 434 properties for sale, and 156 have gone under contract in the last 30 days. That gives us 2.8 months of supply currently in Worcester County. 

Wicomico County, Maryland, Real Estate Market Update

Hopping over to Wicomico County. In the last seven days, we had 32 properties come on the market, while we had 25 go under contract. What happened the week before? We had 32 and 30, so similar numbers. Countywide, 173 properties for sale in Wicomico right now, and 89 have sold in the last 30 days. That gives us a 1.9-month supply in Wicomico County.

Sussex County, Delaware, Real Estate Market Update

Rounding out Delmarva, Sussex County, Delaware. In the last 7 days, we had 116 new properties come on the market, and 131 going under contract in that period of time. Comparing it to the week prior, we had 162 listings come on, which was a lot more than the 116 this week, but we had 156 go under contract compared to 131 this week. 

So, in the entire County of Sussex County, 1,441 properties for sale, 476 selling in the last 30 days. That gives us 3 months' supply.

So, what does all this mean? What are we seeing here between all three counties? Well, I think we're seeing about the same amount of inventory coming on in the last couple of weeks, with a ffewer transactions happening in that time. 

What does it mean for interest rates right now? 

Interest rates are down below 8%. We're currently at 7.98%, the average on the 30-year fixed mortgage.

A couple of other things I wanted to add this week. Some social media posts that I've been putting out. One in the beginning part of the week is, "What does everybody predict the year-end forecast is going to be as far as home values?" 

One thing that's interesting here, I'll put this graphic up in the report. The top estimate is still 6%, while NAR thinks that we're going to have prices that are down a little bit when compared to last year. But when you average them all out, we're looking at 3.3% appreciation for the entire year of 2023. That is the forecast, and that forecast is obviously becoming more accurate as we get closer to the end of the year. But still, those 3.3% appreciation year over year, that kind of takes us back to what is average, that's the norm. So, I shared that one, I'd like you to take a look at that.

And finally, I thought this one was interesting. Right now, obviously, there has been less inventory for quite some time, but who are the sellers that are selling and why are they selling? And I see this a lot here at the beach. The number one reason that sellers are selling today, and this is 21% of the sellers polled, they want to move closer to their family and friends. We see that a lot, whether it's they live here at the beach and now they want to move back towards wherever their family might be, or when they're choosing a second home, instead of going further away, they would like to have their second home being closer to the family, maybe in the Baltimore-Washington Metro, which we're just a couple of hours away from. So, it makes sense to buy it here as opposed to a spot that's further away.

If you like this information and find it helpful, please like, subscribe, share with your friends. I will be back here next week with another report for Delmarva. Thanks again.