Weekly Real Estate Market Update for Ocean City, Maryland and Surrounding Counties - 5/9/24

Ryan Haley with Atlantic Shores Sotheby’s International Realty is back with the real estate market report for Delmarva on May 8th, 2024. 

What are we seeing here on Delmarva?

We are in the thick of the spring real estate market, just a couple of weeks away from Memorial Day. We got Cruisers next weekend. We have Mother's Day this coming weekend. It's a big weekend here in Ocean City. Say thanks to your mothers if you can and buy them a condo while you're in town. 

Worcester County Real Estate Market Report

What has happened here in the last 7 days? Coming soon and active listings, we've had 69 new properties come on the market in the last 7 days, while we had 60 go under contract in that period of time. If we look countywide, currently 543 total actives in Worcester County, Maryland, while we're selling 193 over a month, so that gives us a 2.8-month supply, down from 3 months last week. 

Wicomico County Real Estate Market Report

Going over to Wicomico County. We had 49 new listings in the last days, which, was almost double what we have been seeing in Wicomico County. So, some new inventory there, which is great news for buyers, and 33 going under contract in the last 7 days countywide. 177 total actives, while we had 108 go under contract in the last 30 days, that gives us a 1.6-month supply. That's the tightest county here on Delmarva. 

Sussex County Real Estate Market Report

Finally, Sussex County, Delaware, 187 new listings, while we had 168 go under contract. 1,700 total actives countywide, while we're selling 530 over the course of the last 30 days, and then that gives us a 3.2-month supply in Sussex County, so that's up just a tad. Keep in mind, from that 1700 listings in Sussex County, we typically see about 500 which are new constructions, so lots of new constructions there in Sussex County, lots of new opportunities for you there on the new build side. 

Mortgage Interest Rates

Finally, rounding out interest rates, what have we seen here? Well, we've actually seen rates pull back. Last week we're at 7.1 2%, currently we're at 7.2% on the 30-year fixed for our average conventional mortgage loan there on the 30-year.

So, if you like this information, please share it with your friends. If you have any specific questions about any areas here on Delmarva, it would be our pleasure to assist. So, until next week. Have a fantastic Mother's Day and a great weekend here in Ocean City.

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