Real estate sales strong despite weather

Despite heavy snow on the Lower Shore throughout February, the latest figures from the Coastal Association of Realtors reflect across-the-board increases for home sales and values, among others.

CAR’s February local housing statistics – which represent the activity of CAR’s more than 1,000 members in Somerset, Wicomico, and Worcester counties – reflect a drastic (44.7 percent) increase in contracts, or pending sales. Settlements increased slightly by 1.3 percent and listings by 1.9 percent.

Home values saw a significant increase, with listing prices up 31.7 percent and sales prices up 30.3 percent. A 12.1 percent decrease in average days on the market points to a faster turnover of area inventory.

“Traditionally, January is the slowest time of the year, and we did see decreases in home values and an increase in days on market last month,” said Vicki Harmon, president of the CAR Board of Directors. “However it’s also customary to see a rebound in February as we head into increased activity throughout spring and summer. So even though we saw several snow days in February, local activity stayed true to tradition, and we look forward to the expected busy season, as the weather becomes warmer and more consumers shop for real estate on the Lower Shore.”

According to the National Association of Realtors, the early part of this year is showing increased contract activity across the country, despite low inventory levels.

“Buyers in January were able to overcome tight supply to sign contracts at a pace that highlights the underlying demand that exists in today’s market,” said Lawrence Yun, NAR chief economist. “The difference this year is the positive factors supporting stronger sales, such as slightly improving credit conditions, more jobs, and slower price growth.”

NAR’s February housing statistics have not yet been released.

Visit www.coastalrealtors.org for more information about CAR’s local housing statistics.

 

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