Real Estate
Real Estate in Worcester County: Impacted by the interest rate hike?
By Joanna LasloMarch 16, 20183 min read
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Single family homes
For the last two months of 2017, there were 165 single family homes settled. These properties were located in: 11 Bishopville 9 Snow Hill 5 Girdletree 12 Pocomoke City 2 Stockton 1 Showell 31 Ocean City 94 Berlin/Ocean Pines Sold prices for these homes ranged from $23,002 (in Snow Hill) to $896,500 (in Bishopville). The average list price of these homes was $288,859 with a sold average of $276,670 and 112 DOM (days on the market). During the first two months of 2018, 76 single family homes settled and changed hands in Worcester County. The areas of location of these homes were as follows: 47 Berlin 3 Snow Hill 4 Pocomoke 1 Newark 3 Bishopville 18 Ocean City The market prices ranged from $35,000 (in Pocomoke) to $1,725,000 (in Ocean City) with an average list price of these homes at $354,087. The average sold price was $339,531 with an average DOM (days on the market) of 129. This same slight decline in January & February, 2018 held true with condo/townhouse sales.Condos and townhouses
In November and December of 2017 there were 189 condo/townhouses that settled. The condo/townhomes were located in: 8 Berlin/Ocean Pines 181 Ocean City These sales ranged from $64,900 (in Ocean City) to $1,299,000 (also in Ocean City). The average list price of these properties was $285,846 with an average sold price of $275,378 with 131 average DOM. In January and February 2018 there were 130 condo/townhouses that settled. These properties were located in: 13 Berlin 117 Ocean City Sold prices ranged from $80,000 (in Ocean City)to $1,231,500 (also in Ocean City). Average list price of these condo/townhouses was $317,109 and average sold price of $302,810 with average of 170 DOM.Residential lots/land
In November and December of 2017 there were 18 properties settled. These properties were located in: 2 Bishopville 2 Snow Hill 8 Berlin/Ocean Pines 6 Ocean City The range in sold prices were from $49,900 (in Berlin) to $450,000 (in Ocean City). The average list price was $159,756, average sold price of $145,322 with an average of 571 DOM. In January and February of 2018, only 13 land parcels sold. These were located in: 5 Ocean City 3 Berlin 1 Whaleyville 1 Newark 2 Snow Hill 1 Pocomoke City The range in sold prices were from $25,000 (in Pocomoke City) to $300,000 (in Ocean City). The average list price was $107,764 and average sold price of $94,577 with an average of 967 DOM. Farms: No farms traded hands between November 1, 2017 and February 28, 2018. Commercial improved (businesses) that settled the first two months of 2018 were sold at a higher price. Additionally the sales showed a slight increase with four settled in November and December of 2017 versus six settled January and February 2018. In November and December of 2017 there were 4 businesses sold, located in: 2 Ocean City 1 Snow Hill 1 Berlin The range of prices in businesses sold during these months was $125,000 (in Snow Hill) to $449,900 (in Ocean City). Average list price of these properties was $256,175 with a sold price of $229,000 and 56 DOM. In January and February of 2018 there were six commercial improved properties sold located in: 5 Ocean City 1 Berlin The sold prices ranged between $100,000 (in Ocean City) and $3,700,000 (in Ocean City). The average list price was $1,025,800 with a sold price of $1,013,300 and 83 DOM. It is difficult to know if the first interest rate hike in December of 2017 had any influence on the subsequent two months. Contact your REALTOR for further information or details.About Joanna Laslo
Broker/Owner of Beach Real Estate, Inc., a local that Graduated from Stephen Decatur High School. 35+ years of experience in real estate sales. Joanna is a broker in Maryland, Delaware and Virginia. Joanna also manages Ocean City weekly condo and vacation rentals.
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