Weekly Real Estate Market Update for Delmarva - September 6, 2023

Ryan Haley is back for the weekly real estate market report for September 6th, 2023. 

We're actually having a broker's open here on Wednesday evening. We've got some hors d'oeuvres, we've got some wine, coming to you from 84th Street. We're on a direct Oceanfront duplex. This is a four-bedroom property, and we've got over 3,200 square feet. Nothing like it in Ocean City for being right on the ocean.

So as that's going on, I wanted to pop out here real quick and just give you the market report here to tell you what we are seeing on Delmarva as we transition into the fall real estate market. 

Worcester County, Maryland Real Estate Update

In Worcester County, in the last seven days, we had 61 new properties come on the market. But at the same time, we had 70 go under contract. The trend of the last two weeks where we actually had more inventory than contracts has reversed. So now, 61 new properties is fantastic, but the rate at which they're selling has increased. County-wide, we have 2.1 months’ supply where we had 167 properties go pending in the last 30 days.

Wicomico County, Maryland Update

When we hop over to Wicomico County, in the last seven days, we had 37 new listings. That's a little bit of a jump. That's a few more properties than we've seen the last couple of weeks. And 19 go pending. That's interesting. So the number of pendings has remained the same, but we saw 17 new properties compared to last week at the market. So a little bit more inventory, which is good for those first-time home buyers, those primary residence buyers. You've got some inventory to choose from in Salisbury and Wicomico. County-wide, we have 1.8 months’ supply.

Sussex County, Delaware Real Estate Update

Over in Sussex County, Delaware, our largest county on Delmarva, in the last seven days, we had 171 new listings come on while we had 161 go pending. So a few more pieces of inventory for you to choose from there. County-wide, we have 1,342 active listings currently. And the case we've seen in the last 30 days is 494 going under contract. That gives us 2.7 months’ supply. 

So I wanted to remind you again, what's a balanced real estate market? Well, anything between six to seven months is considered a balanced real estate market. Above that seven-month range is typically a buyer's market, and below that is going to be our seller's market. So still very much in a seller's market, but a little more to choose from here for you as a buyer. 

Interest rates are still in that low 7s range. 

Thanks again for tuning in. We will see you next week with another edition of our real estate property.