2nd Quarter Worc. County Housing Statistics.
The MD Association of Realtors released their housing statistics for the 2nd quarter of 2012 and the numbers show some mixed blessings for Worcester County. The housing statistics report for April – June, 2012 shows that overall sales volume took a hit over last year and was 14% off last year’s 2nd quarter volume (sales volume equaling total units sold). But, when you take into account that “active inventory” has been consistently down over the last year, it is an indicator that our inventory is leveling off.
For example, we ended the 2nd quarter with 1,844 units of active inventory, as compared to last year's 2,312 units—showing a 20% drop in active inventory this year over last. Average sales price figures are still not representative of a completely balanced market, but there’s evidence of supply and demand coming into play in certain pockets of the county.
Additionally, there is a reduction in foreclosures this year over last with 94 total foreclosures going to settlement within the past 12 months as compared to 280 foreclosures settling in the 12month period a year prior.
If you would like to view more information on local housing statistics, the housing figures for our area are reported by the Coastal Association of Realtors, and more detailed figures are available to the public on their website at www.coastalrealtors.org, and include breakdowns for single family homes vs. condominiums for Ocean City proper, Worcester County, Wicomico County, and Somerset County.
Lauren Bunting is a member of the Coastal Association of Realtors and a licensed REALTOR®with Bunting Realty, Inc. in Berlin, MD.
Lauren Bunting is a Broker with Keller Williams Realty of Delmarva in Ocean City, Maryland.
