(Nov. 23, 2018) Local housing market activity was unhindered by last month’s considerable mortgage rate increase, according to the latest numbers from the Coastal Association of Realtors.
Residential settlements in October were up by 12.3 percent overall compared to the same time last year in Somerset, Wicomico and Worcester counties.
Individually, settlements were up by 3.7 percent in Worcester, by 27.2 percent in Wicomico, and by 36.4 percent in Somerset. Year-to-date settlements, however, totaled 3,769 as of the end of October, which is about 3 percent lower than the same time last year.
New listings that went on the market in October were up 15.1 percent and total active listings were down by 18.1 percent compared to the same time last year in Somerset, Wicomico and Worcester counties.
That translates to 586 new listings and 3,303 active listings. Individually, available housing units were down by 17 percent in Worcester County, by 25 percent in Wicomico and by 6.6 percent in Somerset.
List prices continued to rise last month, reaching a median price of $166,000 in all three counties, which is 10.7 percent higher than the same time last year. The median sale price, however, was $145,000, which is 3.3 percent lower than the same time last year.
The overall cumulative days on market was 68, which is 27.3 percent lower than the same time last year.
“Mortgage rates reached a seven-year high in October, yet our local market continues to thrive,” said Coastal President Bernie Flax. “With continued rate increases expected before the end of the year, it will be interesting to see how local real estate will be impacted.”