Home sales, settlements stay up in July

Local Realtors kicked off the third quarter of 2015 with continued increases in pending sales and settlements, according to the latest figures from the Coastal Association of Realtors.

CAR’s local housing statistics for July 2015 show settlements of existing homes in the Tri-County area were up overall by 11.5 percent compared to the same month last year. Single family homes in Worcester County saw the most impressive jump of 51.1 percent. Wicomico County single family homes were also up by 6.5 percent.

Contracts, or pending sales, were up, showing an overall 12.5 percent increase compared to the same month last year. Condominiums in Wicomico County saw the highest jump of 57.1 percent, while single family homes in Wicomico saw an increase of 30.9 percent and condominiums in Worcester saw an increase of 18.7 percent.

Listings of existing homes was up 12.6 percent, with the largest increase of single family homes in Somerset County at 28.6 percent.

Unfortunately, figures were largely down for Somerset County in July, with single family home settlements down 35.7 percent and pending sales down 32 percent.

“Overall, we’ve so far had a very good summer on the Shore,” said Vicki Harmon, president of the CAR board of directors. “We are confident the trend will continue as we approach fall.”

The overall number of days that existing homes are spending on the market was down by 24.1 percent, which shows that homes are being sold faster. Listing prices were up 4.9 percent and sales prices were up 5.5 percent. The number of homes that are being sold close to their listing price is also largely up in the Tri-County area.

CAR’s monthly local housing statistics are pulled from the association’s Multiple Listing Service, which represents the activity of more than 1,000 local Realtors.

Visit www.coastalrealtors.org for more information.

Coastal Association of Realtors is the leading local advocacy group in the real estate industry on the Lower Eastern Shore of Maryland. Coastal Realtors works in partnership with its members to promote home ownership and preserve, protect, and advocate private property rights.

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