Active listings have started to rebound in the last 4 weeks. INVENTORY
Worcester, Dorchester, Somerset and Sussex are all growing in the number of active properties for sale. However, Wicomico is still stagnant.
While increasing inventory is good news for buyers, not all inventory is helpful at solving the gap in supply vs. demand. This is especially true for first time home buyers, where affordability can be a challenge due to the rising prices and interest rates that are remaining in the mid-6% range. PRICING DISTRIBUTION OF INVENTORY The median price point of inventory across the (5) counties as of May 15th, is around $500,000.
The distribution of the inventory is spread across a wide range of prices, but more heavily weighted towards higher priced properties.
PRICING DISTRIBUTION OF SALES
On the other hand, if we look at the price of homes that have actually sold this year, the distribution is skewed to the left. The strongest demand is at the lower prices, particularly sub-$300,000. The median price has been $370,000. This misalignment between the actual inventory and what buyers are shopping for explains why some buyers are not seeing much relief. Conditions should continue to improve as interest rates are predicted to trend downward, and inventory continues to grow.
Thanks for reading this month's Market Insights. As always, my inbox is open for questions! Any real estate market question is welcome - Reach me at 443-614-4327 or email me Ryan.Basch@cbrealty.com
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