If you have been agonizing over the right time to sell your home, condominium or townhouse, now is the time to sell here in Worcester County, Maryland! The sales market is recovering from the market drop, or sales recession, which caused the sales market to lean to definitely benefit the buyer for a period in excess of 8 years. The sales market took a hard hit in 2007-2008 causing the prices to decline quickly. During that time it was not uncommon for a property to be on the market from 1 to 2 years before receiving an offer to purchase.
A slow recovery has been apparent since the late fall of 2014. In 2017 a noticeable, more rapid positive change in the market has been in progress. To put this in chronological order, our market increase of single family homes located in Worcester County that settled between January 1, 2015 and June 22, 2015 that were listed for sale remained on the MLS (multiple listing service) for an average of 178 DOM
(days on the market before the settlement date), with an average sales price of $253,415. There were 387 total of single family homes sold between January 1 and June 22 in 2015.
Single home sales, in the same county, from January 1 to June 22, in 2016 (same time span) were an average of 159 DOM and an average sale of $271,159 with 395 homes sold. An increase of 9.4% of the average sales price and 9% decrease of DOM. This trend has continued increasing the average price sold with fewer days on the market. January 1, 2017 until today 415 single family homes were sold this year with an average sales price of $277,090 and 129 average DOM. Leaving only 432 single family homes available to purchase for the entire county, as of today’s date.
In Ocean City, the condominium or townhouse sales have kept pace. January 1, 2015 – June 22, 2015, 454 condo/townhouses were sold in Ocean City, Maryland, with an average sales price of $270,863 and 208 DOM. From January 1, 2016 until June 22, 2016 there were 476 condo/townhouses sold with 211 DOM and average sales price of $269,506. From January 1, 2017 until today 608 condo/townhouses have sold with 186 average DOM and average sales price of $277,703.
This trend is most notably reported in the May 2017 monthly press release dated June 15, 2017 from the Maryland Association of REALTORS. The market statistics show a major increase in overall properties purchased in Worcester County this May with a 19% increase from May 2016 and sales price increase of 15.2%. The statistics show an overall increase of properties sold for the state of Maryland of 4.1% www.mdrealtor.org and a 4.3% increase in sales price.
Although we have every indication the market will continue to strengthen, the increase in the number of properties sold should encourage potential sellers to prepare your property for a timely sale by performing any necessary repairs, painting, or upgrades as soon as possible then contact your local REALTOR to request a competitive market analysis (CMA). The CMA will provide a clear view of the value of your property, on todays’ market, as well as a glimpse of the properties that will be in direct competition with you.
Your real estate agent will be a valuable asset for you to provide guidance in preparing your property to accomplish a rapid and successful sale of your home.
All photos by photos by Svetlana (Lana) Leahy