Worcester home sales increase for second consecutive month
By Stewart Dobson Editor/Publisher
As some would-be buyers of real estate continue to wait until the Worcester County second-home market “hits bottom,” there is an increasing possibility that the “bottom” has come and gone.
For the second straight month, figures posted by the Maryland Associa-tion of Realtors show a strong gain in sales against the same time last year.
The MAR reported this week a 76-percent increase in residential sales in the county for November, climbing from just 60 units in 2006 to 106 units last month.
Meanwhile, the total dollar volume of sales for the month came in at $55.5 million for a $33 million gain over November sales last year.
The surge in home sales came as interest rates continued at near record lows and the price of residential units dropped by an average of $63,000. The average selling price at settlement the past month was $371,800 as compared to $435,430 last year.
This renewed sales activity, however long it might last, has to be heartening to more than just the local real estate industry, as restaurants, retail shops and other businesses have felt the pinch of what has been one of the worst real estate sales droughts in more than two decades.
The decline began late in 2005 and deepened throughout 2006 and most of 2007. The first glimmer that the market might be leveling out was in October, when the MAR reported a 21 percent increase in units sold.
Although two months of improved sales hardly constitute a recovery, it is the first time since the summer of 2005 that it has occurred.
By Stewart Dobson Editor/Publisher
As some would-be buyers of real estate continue to wait until the Worcester County second-home market “hits bottom,” there is an increasing possibility that the “bottom” has come and gone.
For the second straight month, figures posted by the Maryland Associa-tion of Realtors show a strong gain in sales against the same time last year.
The MAR reported this week a 76-percent increase in residential sales in the county for November, climbing from just 60 units in 2006 to 106 units last month.
Meanwhile, the total dollar volume of sales for the month came in at $55.5 million for a $33 million gain over November sales last year.
The surge in home sales came as interest rates continued at near record lows and the price of residential units dropped by an average of $63,000. The average selling price at settlement the past month was $371,800 as compared to $435,430 last year.
This renewed sales activity, however long it might last, has to be heartening to more than just the local real estate industry, as restaurants, retail shops and other businesses have felt the pinch of what has been one of the worst real estate sales droughts in more than two decades.
The decline began late in 2005 and deepened throughout 2006 and most of 2007. The first glimmer that the market might be leveling out was in October, when the MAR reported a 21 percent increase in units sold.
Although two months of improved sales hardly constitute a recovery, it is the first time since the summer of 2005 that it has occurred.
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