The covid-19 crisis may be hammering retail and restaurants, but resort area Realtors are experiencing an even higher demand for housing in a market with a quickly dwindling number of listings.
The Coastal Association of Realtors reported 204 closed sales in the 21842-zip code for June, which is a 164.9 percent increase from the previous month and a 61.9 percent increase from June 2019.
Joseph Wilson, the broker at Coastal Life Realty Group and president of the Coastal Association of Realtors, said he has seen a great interest from out-of-state buyers during the covid-19 pandemic.
“We usually deal with people from out of state, but yes, we’ve seen definitely an uptick in the number of people that want to move to this area or purchase a second home,” Wilson said.
Wilson believes the ability to work remotely is directly correlated to the high demand in the local market.
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9 comments:
Those with money are having a hay-day right now. Real estate is an investment - its just that those with resources can take advantage, while others well just keep daydreaming.
Nothing new here - plus OC has had so many empty dwellings for so long, bout time for a real estate reset.
Bigger fish to fry after 20% of the 21st century has been completed. Appropriate voting capability on the island. Owners should be able to vote. Times have changed. Most of us in the next 25 years won't be around anyway - time to move forward for the future.
It's people who have the dollars in the safe dumping it in real estate. I have been told things are being sold the day they post and for way over asking price.
Everyone is leaving racist Democrat run cities
Interest rates are causing the serve. Even the Outer Banks has seen an uptick of vacation homes sold.
Then why are they coming to Maryland?
Don't believe a word of the real estate propaganda. The bigger question at hand - is why would anyone in their right mind ever want to invest in a lteral 'Tax Hell' like OC. I do not believe a word about an OC real estate boom. My suggestion is to get the heck out of there.
People from out of state buying 2nd homes in the area while we born here's struggle to buy a first home. There are few jobs around Delmarva paying a living wage.
5:24 agree
Yep, because business owners seem happy to pay foreigners low wages instead.
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