Local 2010 Real Estate Stats

Joe,

Hope your having a great new year!  Much success and prosperity and you and your readers!

Below is a link to the 2010 Costal Association of Realtors (CAR) market statistics for the Wicomico, Worcester and Somerset, MD counties (numbers reflect homes only sold on the MLS by a Realtor member of CAR).  The vast differences between 2010 and 2009 are apparent even to the long term buyer.

I haven’t seen anything like this in my 8 and a half  years in the business.  When I started back in 2001 America and even the World was in crisis.  September 11^th marked a change in the history of the United States.  For years, individuals and companies alike, rose to great heights.  It was a spending frenzy.  Real estate was booming and there were no short numbers of buyers.  Multiple offers, more than a dozen or so bidders at one time,  market prices rising 25% + a year!  We all thought we would be millionaires.  We were in heaven.

Boy were we fooled.  By 2008 the market was coming down hard.  I still remember, there was no shortage of listings that’s for sure, just a shortage of buyers.  What do you mean?  What just happened?  Yeah it was that quick.  My family, like many others you might know or heard about, took a big hit.  For some it was too heavy.  I feel your pain.

The market (the World market) has a long way to go, yes.  Real Estate values are down – we can agree on that.  But, sales are up!  Yes, sales are up!  In the last few years we have finally seen some figures in the black.  So you are telling me that there are signs of hope?  Yes.

Wicomico County is primed for 1^st time home buyers, investors, buyers who don’t have anything to sell, and those who can sell for a good price.  The deals are out there.  Worcester County and Ocean City have more vacationing buyers from out of the area buying than they have in the last 4-5 years…it’s a growing trend.  And offers a lot of water front too!  My father and I have been showing property to people who are buying second homes in our neighboring Delaware beach areas.  They are getting popular and the communities are progressive and growing.  Somerset county had an amazing 54.9% bounce back in settlements from a year ago.  More lower income than anything and nothing over $700,000. BUT…big numbers!

Sellers, you have to hang in there.  The hardest journey will be yours.  Some have luck on their side – and we’re happy for you.  And some little hope.  We are compassionate to you and your families.  We feel your pain.  For those who might have questions about the current sellers market or info about short sales and/or foreclosures and how the government can help you please visit http://www.makinghomeaffordable.gov/ .

Take a look for yourself.  The number of people purchasing homes are up all across the board.  We still have along way to go but this is a step in the right direction.  It’s not just good news for the real estate industry; but for our economy as a whole. In 2011, prices will most likely drop some but not as bad as they have over the last few years.  This year will prep our 2012.  It will tell the story for the years to come.  Stick it out like Americans do and hang in there.  The worst is almost over.  Its time to pick up the pieces and rebuild. 

-          Adam Roop

Realtor