MARKET INSIGHTS APPLYING DATA SCIENCE TO BETTER UNDERSTAND OUR LOCAL MARKET Spring is here! And as nature wakes back up from winter, the real estate market also typically comes back to life. While we expect a rebound in activity after a sluggish January and February, there are still some factors creating uncertainty for buyers and sellers. We will explore this further in this month’s issue…
All transaction data & data visualizations are based on information from Bright MLS for the period 1/1/2018 to 2/28/2023 Unless otherwise noted, data includes “Active” or “Closed” transactions from Wicomico, Worcester, Somerset, Dorchester and Sussex Counties In general, home prices are stubbornly holding in our local market, although some areas are showing signs of pricing decline.
AVERAGE SOLD PRICE The average price of a home has stayed fairly flat through 2022 and the beginning of 2023. Average price across the five counties for February was $464,168. This is up about 9% compared to February 2022. However, some of the trends that seemed to be emerging in last month’s issue may be continuing as pricing behavior may be diverging across the counties. Dorchester, Somerset and Wicomico are showing signs of some contraction. Worcester and Sussex seem to be holding, if not increasing slightly. This may continue as the coastal markets heat up with Spring.
The number of days a property is on the market before going under contract jumped in February. The Average hit just under 63 days. The Median increased more modestly to 27 days. Both measures are at the highest level since mid-2020. This is helpful data for advising both buyers and sellers. Sellers (and listing agents, myself included!) may need DAYS ON MARKET
to adjust expectations for how quickly an acceptable offer is received.
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