MARKET INSIGHTS
As we head into Fall of ’22, the local market continues its transition from a strong seller’s market towards a more balanced one. Two years of high demand with historically low interest rates drove inventory down and prices up significantly. Much like the change in seasons, we are leaving a red-hot summer and starting to see signs of cooling. And while growing inventory brings some relief to buyers, the jump in interest rates has not. APPLYING DATA SCIENCE TO BETTER UNDERSTAND OUR LOCAL MARKET
Let’s take a closer look in this month’s Market Insights… All transaction data & data visualizations are based on information from Bright MLS for the period 1/1/2018 through 9/18/2022 Unless otherwise noted, data includes “Closed” transactions from Wicomico, Worcester, Somerset, Dorchester and Sussex Counties PRICING
Real estate prices have been the focus of much conversation across our nation both during and after the height of the pandemic. Average monthly pricing by county is above and shows what has happened in our local market. Average pricing across our region has increased 40 – 50% compared to 4 years ago. That has translated to a lot of equity gain in our communities! However, prices finally appear to be leveling off with even some instances of minor correction as buyers, already frustrated with high prices, re-assess their strategies after losing buying power due to the jumps in interest rates.
As another sign of balancing, fewer properties are selling at full asking. September dropped again with closed sales prices averaging 97.4% of the asking price. Unsurprisingly, variation is seen across the counties with Sussex holding closer to the full asking price.
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