Real Estate in Worcester County: Impacted by the interest rate hike?

Real Estate in Worcester County: Impacted by the interest rate hike?

Although the number of residential sales were slightly less for the first two months of 2018, compared to the last two months of 2017, the margin is very slight.  Our market is still strong and steady.

The facts listed below pertain to properties sold in Worcester County.  These statistics are offered for your review.

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.

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