MARKET INSIGHTS APPLYING DATA SCIENCE TO BETTER UNDERSTAND OUR LOCAL MARKET The Spring market is heating up, but the lack of available inventory and continued affordability challenges for buyers are throwing cold water on the flames. March sales jumped considerably compared to recent months, but 2023 sales are well off the pace of 2022. Let’s dig into the data… All transaction data & data visualizations are based on information from Bright MLS for the period 1/1/2018 to 4/12/2023 Unless otherwise noted, data includes “Active” or “Closed” transactions from Wicomico, Worcester, Somerset, Dorchester and Sussex Counties
AVERAGE SOLD PRICE The average price of a home in the 5-county region ticked up to $468,000 as March came to a close. Only May 2022 averaged higher over the last five years.
Average pricing is up 1% from last month and 5.8% from March 2022.
Sussex county is the underlying driver of the statistics since it is the only county sustaining an upward trend in pricing. The other counties have either stabilized or have shown minor reductions in average pricing.
# OF HOMES SOLD
While March closings hit a 6- month high, sales through the first quarter of the year are still down 25% compared to the same period last year. The outlook is for there to be significantly fewer homes sold in 2023 compared to recent years.
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