Weekly Market Update for Ocean City, MD & Surrounding areas - 5/2/24

Ryan Haley is back with this week's real estate market report for Delmarva. It is the end of April 2024. What are we seeing here in the local real estate market? 

Worcester County Real Estate Market Report

Starting in Worcester County, we are up to 3 months inventory. That's right, we are adding some inventory. That means more options for you as a buyer and actually a little bit more competition for you as a seller. So, 72 new listings here in the last 7 days as we are getting to the prime of the spring Market. That's great, lots to choose from. 62 going under contract in the last 7 Days countywide. 553 total actives in Worcester County and we're selling 184 in the last 30-day period. That gives us an even 3 month supply in Worcester County.

Wicomico County Real Estate Market Report

 In Wicomico County, 47 new listings here in the last 7 days while we had 37 go under contract. 172 total properties for sale in Wicomico County and we're selling them at a pace of 104. That gives us a 1.7 month supply. The interesting thing here when we look at this is the demand has remained constant. The number going under contract has actually increased as we've gone through the spring. We've just seen some more inventory actually hitting the market which we've been waiting for for such a long time. So that's good news when you're looking for options. 

Sussex Real Estate Market Report

Rounding out Delmarva, Sussex County. 188 new listings here in the last 7 days while we had 171 going on our contract. 1,689 total actives in Sussex County and we're selling 528 in a 30-day period. That gives us a 3.2 month supply. So, 3 month supply, pretty much the standard here for the beach markets with Worcester and Sussex County a little bit less as we go inland. 

Mortgage Interest Rates

Where are interest rates right now? We are currently sitting at 75% on the 30-year fixed average for the entire country here when it comes to the 30-year fixed mortgage. So there you have it. If you like this information, please share with a friend. Feel free to reach out to me with any questions that you may have and negotiating ideas. How we can get that interest rate down as we have a little bit more inventory. We might be able to do some more additional negotiations on that front. 

So there you have it, thanks again for tuning in. We'll see you next time with another Delmarva real estate market report.

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