More people appear to be planting their roots on Maryland’s Eastern Shore, as June figures from the Coastal Association of Realtors reflect an across-the-board increase in sales of single-family homes in Worcester, Wicomico and Somerset counties.
Wicomico and Somerset counties saw the most drastic increase in new sales/contracts, each showing a roughly 66 percent spike compared to June 2013. Worcester County saw a 20 percent increase. Settlements remained steady, apart from Wicomico, which saw a 10 percent decrease compared to June 2013.
The encouraging figures mirror a decrease in the sale prices of single family homes in Worcester and Somerset counties. Despite Wicomico’s uptick in sale prices, all three counties saw brokers selling single family homes for closer to their listing prices.
These trends appear to be consistent across the country. The National Association of Realtors is reporting a 6.1 percent rise in new sales/contracts for the month of May, which is reportedly the largest month-over-month gain since April 2010, when first-time home buyers were rushing to sign purchase contracts before a popular tax credit program ended. NAR’s figures for June have not yet been released.
“We’re seeing a boost in consumer confidence on the Shore, which not only strengthens the local real estate market, but also stands to positively impact the local economy as a whole, as more people begin buying homes and utilizing local resources like contractors, retail stores and more,” said Sheila Dodson, executive director of CAR.