MARKET INSIGHTS APPLYING DATA SCIENCE TO BETTER UNDERSTAND OUR LOCAL MARKET With rising inventory and sustained 7%+ interest rates, prices may be finally at a turning point (or at least a stabilization point) in our local market. We are seeing more homes sell for less than full asking and the number of price decreases on active homes continues to run fairly high. All transaction data & data visualizations are based on information from Bright MLS for the period 1/1/2018 to 8/31/2023 Unless otherwise noted, data includes “Active” or “Closed” transactions from Wicomico, Worcester, Somerset, Dorchester and Sussex Counties
AVERAGE SOLD PRICE Average month-over-month pricing in our area declined for the 2nd straight month.
July was the first month in 2023 that did not show increased average pricing. August decreased further, but this still does not point towards . While the broader average trend is down, it’s not drastic and does not indicate any type of precipitous drop in pricing in the near future. Worcester and Dorchester are actually moving against this broader pricing trend with some increase in the past month. For Worcester, this applies to both condos and fee simple homes.
# OF HOMES SOLD
August sales were still down compared to August 2022, but were relatively strong for this year. Overall, Sales continue to lag 2022 by about 15%. As inventory has grown over the last 6 week and prices arguably take a breather I would anticipate sales to pick up a bit as we head into the 4th quarter.
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