Weekly Market Update for Ocean City, MD and Surrounding Areas - 01/24/2024
Ryan Haley, from Atlantic Shores Sotheby's International Realty, presents the Delmarva real estate market report for January 24th, 2024, from the Berlin office.
The resort real estate market in 2024 is off to a great start. Increased activity, lower interest rates compared to last year's end, and a broader inventory selection make it an opportune time for prospective buyers to secure a property before summer arrives.
Worcester County Real Estate Market Report
Already in the third week of January, let's delve into what's happening in Worcester County. In the last 7 days, there were 51 new listings and 47 contracts signed, marking a significant rise from December's numbers. Countywide, there are 447 total active listings, with 126 contracts signed in the past 30 days, translating to a 3.5-month supply.
Wicomico County Real Estate Market Report
Moving over to Wicomico County, there were 21 new listings and 26 contracts signed in the last week. With 176 total active listings and 75 contracts in the past month, the county currently stands at a 2.3-month supply.
Sussex County Real Estate Market Report
In Sussex County, Delaware, the largest county on the shore, there were 11 new listings and 132 contracts signed in the past 7 days, indicating high demand surpassing new inventory. With 1,362 total active listings and 320 contracts in the past month, there's a 4.3-month supply in Sussex County.
Mortgage Interest Rates
The market is buoyed by relief in mortgage interest rates, expected to remain between 6.5% and 6.75% in the coming months. As the year progresses, Ryan will monitor the FED's actions and the stock market's performance for further indicators. The market has turned the corner post-holidays, and Ryan is eagerly anticipating the summer months.
If you find this information valuable, please share it with friends, like, and subscribe. Ryan looks forward to reconnecting next week for another update on the Delmarva real estate market. Thank you!