Ocean City Today

Worcester County home sales take big jump in May

Real Estate Report
By Lauren Bunting | Jun 22, 2017

(June 23, 2017) The Maryland Association of Realtors recently released the sales figures for May. Overall throughout Maryland, there was a 4.1 percent increase in homes sold—from 7,868 units in 2016 to 8,194 units in 2017.

In Worcester County, we also saw a substantial increase for May, with 250 homes sold up from 210 homes sold in 2016 for a 19 percent increase. Wicomico County saw a 15.5 percent increase in total homes sold in May.

A closer look at the sales figures for May in Worcester County show that sales price averages made a jump. In 2017, the average sales price was $298,716 and when compared to 2016’s average of $259,257, this represents a 15.2 percent increase year over year.

For Maryland as a whole in May, the 2016 average sales price was $322,210, whereas the 2017 average sales price was $335,949, representing a 4.3 percent increase. (The county that had the highest decline in sales price average was Caroline County at -20.7 percent.)

May figures for 2017 also show that Worcester County is still trending a slight increase in pending units, with 210 pending for 2017 vs. 200 pending at this time last year. However, Wicomico County shows an even stronger increase in pending units with 130 units pending in May 2017 vs 101 at this time last year.

Active inventory is tighter this year than last, with 1,172 active units in Worcester County vs 1,480 active units this time last year, representing an approximate 21 percent decline in inventory for buyers to choose from.

As far as distressed sales go in 2017, short sale transactions trended a decline in Worcester County with only 12 completed short sale transactions from Jan. 1 through the end of May 2017. Worcester County foreclosure sales have also trended a decline in volume, with 45 total foreclosure transactions between Jan. 1 to May, 31 2017 as compared to 2016’s total number for the same time period of 72 foreclosures.

- Lauren Bunting is an Associate Broker with Bunting Realty, Inc.

in Berlin.

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