More homes to choose from and interest rates that are creeping up just a tad. That, plus more, on this week's edition of the Delmarva Real Estate Market Report.

So, what are we seeing here on Delmarva? Well, in Ocean City specifically, we just got through two great weekends of music festivals, and now we've got Cruisers in town. The fall continues to be very active with lots of people in our area, which is great.

Current Market Trends in Worcester County

For the real estate market for the week of October 10th, 2024, the theme is we are seeing more properties to choose from. In the last seven days here in Worcester County, we had 81 new listings hit the market, while at the same time, we had 58 go under contract. So once again, we're adding inventory here, which gives more options for our buyers.

When we look countywide, there are 661 total actives as of today, and we're selling 168 over the course of a month. That gives us a 3.93-month supply in Worcester County, just under that 4-month supply mark.

Wicomico County Market Overview

In Wicomico County, there were 36 new listings in the last seven days, while we had 31 go under contract during that period. Countywide, there are 234 total actives, and we're selling about 100 a month, giving us a 2.38-month supply in Wicomico.

Insights into Sussex County, Delaware

Finally, in Sussex County, 174 new listings came in, while 131 went under contract in the last seven days. Countywide, there are 1,877 total properties for sale, and we're still selling 528 a month, giving us a 3.55-month supply.

What I'm seeing from this: Wicomico and Sussex have kind of remained consistent. Here in the Worcester County area, which includes Ocean City, Ocean Pines, Berlin, Bishopville, Snow Hill—the entire coastal section of Maryland—we're seeing inventory rise a little bit.

Interest Rates and Their Impact

What are we seeing with interest rates? Well, as many of you know, the Fed got out ahead of their policy by reducing rates by half a percent last month, but in turn, we've seen mortgage rates creep up a little bit. We're at 6.67% as of today on a 30-year fixed average. Government loans are just over 6% at this point.

Conclusion

So there you have it. Once again, I would say the theme is more inventory to choose from and some deals that may be hidden behind list prices right now. People who set a price at the end of the season are now at the 30-day or 45-day mark. If they haven't had an offer, there could be room for negotiation. If you're a buyer, you might want to be paying attention to what's going on.

It would be our pleasure to assist in any way we can. That wraps up this week's edition of the Delmarva Real Estate Market Report. If there's anything we can do to assist you, please let us know. Thanks again, and we'll see you next week.