Ocean City Today
https://oceancitytoday.villagesoup.com/p/1721789

Uptick in state home buying sales last year

Real Estate Report
By Lauren Bunting | Feb 01, 2018

(Feb. 2, 2018) Maryland Realtors released year-end sales figures and announced in 2017 residential sales in Maryland climbed by 3.2 percent, or more than 2,500 homes across the state.

Eighteen of Maryland’s 24 jurisdictions posted gains in home sales, ranging from 0.7 to 13.2 percent in 2017 as compared to 2016.

In Worcester County, the gain in home sales was 9 percent—1,963 homes sold in 2016 as compared to 2017’s total number of 2,140 (both Wicomico and Somerset posted a decrease in home sales, Wicomico -3.2 percent and Somerset -11.9 percent).

Average and median prices statewide rose by 4.0 and 4.4 percent, respectively. In Worcester County, the average sales price rose 4 percent, from $265,190 to $275,851. In Wicomico County, the average sales price rose 3.4 percent, from $143,343 to $148,210.

In Somerset County, the average sales price rose 6.6 percent, from $114,974 to $122,552. Within the state, only Alleghany County reported a decline in average price with a slight drop of 0.2 percent. Median prices in all jurisdictions throughout the state rose, from 1.7 percent in Wicomico County to 25.4 percent in Somerset County (Worcester County’s median price rose 9 percent).

“Overall, the 2017 residential sales market in Maryland was stable,” Maryland Realtors President Boyd Campbell said. “While increases in both home sales and average and median prices are moderate, the steady nature of the overall residential real estate market in Maryland is a healthy trend for Maryland.”

Maryland Realtors publishes the full Maryland Housing Statistics monthly; they are available through the Association’s website, www.mdrealtor.org.

— Lauren Bunting is a licensed Associate Broker with Bunting Realty, Inc. in Berlin.

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