MARKET INSIGHTS APPLYING DATA SCIENCE TO BETTER UNDERSTAND OUR LOCAL MARKET This month we are going to pivot our research and focus on the state of the inventory in our area. The total number of homes for sale has been increasing, but may not feel like it depending on where you are looking and what type of property you are looking for. Let's uncover what is happening as we take a closer look... All transaction data & data visualizations are based on information from Bright MLS for the peers 1/1/2018 to 11/10/2022 Unless otherwise noted, data includes "Active" listings from Wicomico, Worcester, Somerset, Dorchester and Sussex Counties. ACTIVE INVENTORY
INVENTORY
From mid-June to early November, the number of active homes for sale in the region has increased 22%. This is a significant amount, but for many the market does not "feel" like inventory is up. This is due to a couple of factors. First, if you caught last month's issue, you know that the median number of days on market continues to slowly increase. This means existing inventory is staying on the market longer. Second, where inventory is increasing matters. Inventory activity is very different accross the five counties. The breakdown below shows changes in active inventory since September.
Sussex and Worcester county inventory rose by 7.4% and 24.5%. On the other hand, inventory dropped across Wicomico (-4.3%), Dorchester (-3.8%) and Somerset (-15.9%) counties. The tightening in these three counties compounds the challenges already facing buyers.
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