Maryland’s housing market as a whole might not be showing momentum, but numbers for Worcester County were promising this spring, and reflected a 28 percent increase in unit sales volume on a year-over-year basis. In 2011, 152 units sold in the month of April in Worcester County, compared to 2010, which saw 119 units sold. This is compared with Maryland’s 24 jurisdictions combined, which were down nearly 17 percent on a year-over-year basis.
This data would suggest that a renewed enthusiasm for vacation or second homes is building. However, the short end of the stick is that Worcester County also experienced a sharp reduction in median sales price, to the tune of a 16 percent reduction. In 2010, the average sales price was $310,165. Data from April 2011 indicates an average sales price of $266,942. Statewide, median sales prices fell 7 percent between April 2010 and April 2011.
The other factor heavily influencing our local market is inventory. Measured in terms of months it would take to sell all the active inventory, statewide is sitting at 8.2 months of inventory. However, Worcester County is one of the 13 Maryland juris- dictions still experiencing double-digit months of inventory with 15.2 months of current inventory. The sunny side of this data is that in April of 2010, we were at 21.6 months, so things are improving along with our recent up tick in sales volume. This is an important number to watch over the coming months, as fewer inventory in our area is more likely to result in prices stabilizing.
They are full of it.
ReplyDeleteThe number of deeds recorded with the clerks office don't lie, Anon 11:12.
ReplyDeleteThose numbers are correct. The naysayers and do nothings might not want to hear that Worcester sales are on the move. Some would prefer to think every piece of good news is a lie.
ReplyDelete11:12 the market sucks and it's getting worse I don't think people are bying summer homes.
ReplyDeleteSure, if you continue to extend and pretend with deadbeat second home owners not making payments, the "market" may appear to be improving.
ReplyDeleteHurry up and buy before it's too late!!
I believe this because I have a relative from the Baltimore area who is looking in Ocean City for a vacation place. They started with looking at the foreclosure which only consisted of around 20 places. They were a "day late" and 2 places they were interested were sold. I remember one was in the Regency on something like 20th st and the boardwalk, the other was a place futher south.
ReplyDeleteI also have a friend looking for a house in west ocean city who works for the city. They looked at a short sale and lo and behold the next day it was under contract by someone else. She said when she went to look at the place 3 others were waiting outside to go and look at it.