Weekly Market Update for Ocean City, MD and Surrounding Areas - 02/13/2024

Hello everybody, Ryan Haley is here with Atlantic Shores Sotheby's International Realty, bringing you the real estate market report for February 13th, 2024. We're halfway through the month, hard to believe!

Worcester County Real Estate Market Report

Let's start with Worcester County, Maryland. In the last seven days, we saw 58 new listings come on the market, but we outsold that number with 62 properties going under contract. Countywide, we have 473 total actives, and in the last 30 days, 154 properties went under contract, resulting in a 3.1 month supply. I always like to remind people that anything under six months is technically considered a seller's market, so we're comfortably within that range.

Wicomico County Real Estate Market Report

Moving on to Wicomico County, we've had some good news in terms of inventory. There were 49 new listings in the last 7 days, while 33 went under contract. Countywide, there are 194 actives, with 101 going under contract in the last 30 days, resulting in a 1.9 month supply, still under two months.

Sussex County Real Estate Market Report

In Sussex County, Delaware, there were 177 new listings in the last 7 days, while 148 went under contract, adding a bit more inventory to the county. There are 1,416 total actives, with 459 going under contract in the last 30 days, bringing us right on target with a 3.1 month supply, similar to Worcester County.

Mortgage Interest Rates

As for interest rates, they've ticked up a bit, just over 7% on average for the 30-year fixed. Keep in mind, depending on negotiation and inventory levels, you might be able to play with those numbers to your advantage.

Looking ahead, tomorrow is Valentine's Day, and we've got Boat Show weekend in Ocean City, the unofficial kickoff to the spring selling season for real estate. Plus, it's a long weekend with President's Day! We look forward to seeing everybody at the beach. If you found this information helpful, please share it with a friend, like, and subscribe. We'll be back next week with another edition of the Delmarva real estate market report.

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