Weekly Real Estate Market Update for February 22, 2023

In this video, Ryan Haley talks about the real estate market for February 22nd, 2023. 

Worcester County, Maryland

In the last seven days, we saw 56 new properties hit the market, while at the same time, we had 60 properties go under contract. So, fairly balanced there with the new listings versus what's going under contract. County-wide, for the last 30 days, we had 261 properties that have come on the market and are also either coming on the market and/or were active in the last 30 days and 179 that went pending during that period of time. 

So, that's 1.46 months’ supply in Worcester County right now, which is one of the lowest numbers we've seen in quite some time.

Sussex County, Delaware

In Sussex County, we had 130 new properties come on the market in the last seven days, while we sold 165. There were 165 either going pending and/or under contract in the last seven days. 

County-wide, we now have 1203 properties available and 488 have gone under contract in the last 30 days, giving us 2.47 months supply. That is going down. We're seeing less supply here in Sussex County. 

Wicomico County, Maryland

In Wicomico County, 19 new properties hit the market, while we sold 22 in the last seven days, so we're selling more than what's coming on there, and 138 active in total, 85 under contract in the last 30 days. That gives us 1.62 months’ supply. So, in all three counties, we've seen our month's supply go down.

We've seen more multiple offer situations. In fact, every listing that we’re putting on, typically, is getting anywhere from three to four offers right out of the gates. Our agents have been involved with helping buyers in a number of multiple offer situations here as of late. 

So, it is showing that the spring market is kicking in a little sooner. Lots of people have their eyes on the real estate market and want to know what's going on. They'd love to get that opportunity to get into a property before summer comes.

National Real Estate Market

Now, what have we seen nationally? 

Nationally, it's more of the same. It's been an increase in activity early here in 2023. At the same time, our interest rates have ticked up a little bit. We are seeing 30-year fixed rates that are getting closer to seven percent by many lenders. But, I do want to tell you that not every lender is created equal. 

If you are thinking about doing something and you need financing, let's have a conversation because a few of the lenders we work with do have some unique opportunities to get better interest rates than what you might find out on the open market.

So, there you have it. That is the real estate market report here for the 22nd of February. Look forward to seeing you next week.


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