4/26/19 Real Estate Report

(April 26, 2019) First quarter figures for Worcester County are showing a positive trend in 2019.

There were 525 units that closed from Jan. 1 through the end of March this year versus 426 that closed in 2018.

This is compared to year-end, statewide figures showing a 4.9 percent reduction in units sold from 2017 to 2018, and a 4.6 percent reduction in Worcester County specifically.

The lowest priced sale that posted in 2019’s first quarter was in Pocomoke City at $3,000 for a single-family home, whereas, the highest priced sale that posted was waterfront new construction in Ocean City’s Sunset Island at $2,295,000.

In comparison, in 2018 the lowest priced sale during the first quarter was $12,000 in Pocomoke City, and the highest priced sale was a waterfront single family home that sold for $1,725,000 in West Ocean City.

Both the average and the median sales price figures show increases from 2018 to 2019 statewide. Average sales price figures reflect a 3.5 percent increase year over year, and the median sales price reflects a 4 percent increase.

In Worcester County specifically, the average sales price rose 4 percent from $274,905 in 2017 to $285,980 in 2018. However, the median sale price in Worcester County specifically reflects a 2.5 percent drop: $257,729 in 2017 down to $251,338 in 2018.

The average sales reflect the weighted average of sales prices in the county, calculated by weighting the price of homes by the number of homes sold. The median price is the middle value of the prices of all homes sold in the period—the price at which half the sold homes are above and half are below in selling price.

The spring market is heating up, and Worcester County pending units are showing strong activity in the month of April.

In addition, closed units have been increasing since a slow start in the doldrums of winter: January - 17 units; February - 101 units; and, March - 172 units.

Through the third week in April, closed units were at 148.

- Lauren Bunting is a licensed

Associate Broker with

Bunting Realty, Inc. in Berlin.

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