Real Estate Sales: 2017 Year in Review

Real Estate Sales: 2017 Year in Review

Properties sold in Worcester County

 Single Family Homes

959 Single Family Homes traded hands.  The sold prices ranged from $8,000 to $2,300,000.

Statistics show the total volume of sales completed in 2017 totaled $274,645,811 in the county.  Average sold price was $286,388.  Most notably, these properties were only on the market for an average of 121 DOM (days on the market).   That being said, there were some properties that were active on the market for 2,136 days!  Surprisingly, only one of the single family homes that sold in the higher price bracket (over $900,000) sat on the market longer than 314 days.

Towhouses/condos

There were 1,304 condos and townhouses sold.  Prices ranged from $61,000 to $1,550,000 with a total price for condo (or townhouse) properties listed in 2017 of $360,616,606.  The average sold price for the condos and townhomes proved to be $276,546.  The average DOM was 167 with the greatest DOM being 1.903.  Interestingly, again, only one of the higher priced properties was on the market longer than 550 with at least four of the properties selling between 0 and 11 DOM!

Farms

One farm also changed owners in 2017.  The farm consisted of 28.22 acres.  The farm was listed for $450,000 and sold for $400,000 with only 66 DOM.

Unimproved Land

There was a total of $21,231,200 in unimproved land available in 2017.  139 parcels of land were sold.   Prices ranged between $5,000 for 1.01 acres and $2,250,000 for 39.672 acres.  The average sale price was $152,742 and an average of 481 DOM.

Image result for graph of prime interest rates in maryland 2017

Market prediction

On December 13, 2017 the FOMC (Federal Open Market Committee) voted to increase Fed Fund rates from 1.00%-1.25% to 1.25%-1.50%.  This vote brought the United States prime interest rates to 4.50% effective December 14, 2017.  http://www.fedprimerate.com/

Further, Reuters states there will be three additional rate increases in 2018 and 2019 www.reuters.com/article/us-usa-fed/fed-raises-interest-rates-keeps-2018-policy-outlook-unchanged-idUSKBN1E70IX

Buyers who are considering a real estate purchase may be motivated by the upcoming increases in interest rates.  Their buying power is possibly reduced by each such increase.  Therefore it follows to reason, Sellers that are thinking of selling may want to take the rate increase into account as well.  Often those rate hikes also limit the number of buyers.  Therefore, I predict an exceptionally strong market for the first half of 2018.

Please feel free to contact us for a free market analysis of your home, or a list of available properties for sale. www.oceancitybeachproperties.com

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