Weekly Market Update for Ocean City, MD & Surrounding areas - 4/5/24

Ryan Haley returns with the Delmarva real estate market report for April 3rd, 2024. We are into April, the first quarter is in the books, on to the second quarter, and I'm excited because the second quarter we start to have Ocean City and the beach markets that are coming alive.

We have more people coming to town, just wrapped up a great Easter weekend, with a lot of folks in town. So from this point forward, the weather should continue to get better, our days are getting longer, and there's more inventory to choose from on the real estate market here.

Worcester County Real Estate Market Report

So what are we looking like here in Worcester County? Well, for the last 7 days, we had 63 properties come on the market, while we had 58 go under contract. So a few more properties to choose from there than have gone under contract. 

When we look at countywide, 59 total actives here in Worcester County and we're selling at 27 in the last 30 days, so a pace of 207 a month in Worcester County. That gives us a 2.5 month supply in Worcester County, Maryland. 

Wicomico County Real Estate Market Report

Going over to Wicomico County, as you recall, that is the tighter inventory that we see is in Wicomico County. 

Here we've had 32 new listings come on the market in the last seven days, while we had 26 go under contract. 149 countywide for sale in Wicomico County, and we're having 140 go under contract in a monthly pace, so that gives us just over one month supply in Wicomico County. 

Sussex County Real Estate Market Report

Finally rounding out Delmarva here, 159 new listings in Sussex County in the last 7 days, while we had 160 go under contract. So very balanced in the last seven days in Sussex County, Delaware. Finally for the entire county, 1,579 total active properties for sale, while we're selling 537 a month. That is still under a 3 month supply, that's 2.9 months supply.

Mortgage Interest Rates

What are interest rates doing? Well, the FED met last week and decided to hold rates again but indicated that we may see up to three rate cuts this year, obviously that depends on some of the inflationary measures and what they're doing. We did have a little bit of a hot inflation report last week which as a result of that we saw the stock market kind of drop off a bit and the reason being is that the economy looks like it's moving a little faster than maybe what people thought which could delay the FED in their reduction in rates so that kind of got the markets a little jittery there at the beginning part of this week. Overall, 30-year fixed mortgage rates right now are just up over 7%. 7.07% is the average today for a 30-year fixed. Lots of opportunities there though to negotiate and possibly get a lower rate depending on what it is you're looking for. 

So there you have it, that is the real estate market report here for the first week in April. Hope you have a fantastic day. If you like this information, please share with your friends. Have any questions at all, please reach out. We'll see you next week with another Delmarva real estate market report.

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