Spring real estate market is off to a busy start

This year’s spring real estate market is off to a busy start, according to the latest figures from the Coastal Association of Realtors.

March 2017 saw a 29.2 percent overall increase in single-family home and condominium settlements compared to the same time last year in Somerset, Wicomico, and Worcester counties. Individually, single family home settlements increased by 32.7 percent in Worcester and by 20.5 percent in Wicomico. They decreased by 35 percent in Somerset. Condominium settlements increased by 53.9 percent in Worcester and by 20 percent in Wicomico. There were no condominium settlements in Somerset County last month, nor were they any in March 2016.

Contract starts in all three counties increased overall by 43.2 percent compared to the same time last year. Individually, single-family home contract starts were up by 51.9 percent in Worcester and by 37.6 percent in Wicomico. They were down by 10.5 percent in Somerset. Condominium contract starts were up by 51.9 percent in Worcester, by 37.6 percent in Wicomico, and by 100 percent in Somerset.

As has been the case for much of the past year, listings were down in all three counties, with the exception of a 3.4 percent increase of single family home listings in Worcester. Overall, listings were down by 5 percent.

Days on market were up overall by 14 percent. Listing prices were up 7.2 percent and sale prices were up by 7 percent.

“We’re finally starting to see those prices go up a little bit as the demand increases and inventory continues to decrease,” said CAR President Don Bailey. “It’s great to see such a robust increase in contracts and settlements compared to last year, despite increased interest rates and increased prices. People are becoming more confident in their ability to afford a home, as well as their ability to sell their home.”

CAR’s monthly local housing statistics are pulled from the association’s Multiple Listing Service, which represents the activity of over 1,000 local Realtors in Somerset, Wicomico and Worcester counties.

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