Ryan Haley is back with the real estate market report.

Happy Halloween! That's right—today is the 31st of October; it is Halloween! We are in our Berlin Studio here. Berlin is one of the hot spots for Halloween, so in a couple of hours, we’re going to be coming to life here with lots of activity throughout town. We'll be handing out candy here at the office. We also have a costume contest going on, so we would love to see you here in a couple of hours.

So, what is going on with the real estate market? There's so much in the economic news right now. We have so much going on with the election, and, oh, by the way, real estate is still moving. And you know what? There are some deals to be had out there. We are seeing some of our clients, some of our investors, and some people who are just looking to get their first home—or first vacation home—getting some opportunities right now in this market.

So, what are we seeing?

Current Market Trends in Worcester County

We're going to start off here with Worcester County. In the last 7 days, we had 56 new listings come on the market, while 49 went under contract—fairly balanced there countywide. We have 678 total active properties here in Worcester County, while we're selling 178 over the last 30 days. That gives us 3.8 months’ supply, down from last week where we were sitting right at 4 months’ supply.

Wicomico County Market Overview

Hopping over to Wicomico County, in the last 7 days, we had 33 new listings come on the market, while 26 went under contract—once again, pretty balanced. Total inventory is 248 properties for sale now in Wicomico, while we’re selling 88. That gives us 2.81 months’ supply, under the 3-month supply mark in Wicomico. Those good properties over there are definitely selling pretty quickly in the primary housing market of Wicomico.

Insights into Sussex County, Delaware

Finally, Sussex County, Delaware: 159 new listings in the last 7 days, while 128 went under contract. If we look countywide, there are 1,959 total active properties, and we're selling 438 over the last 30 days. That gives us a 4.47-month supply, which is the highest supply in any of the three counties. Obviously, Sussex County is also our largest county, so that’s where you might see some opportunities.

The old rule of thumb—anything less than six months’ supply was considered a seller’s market, while anything over six months was a buyer’s market—doesn’t necessarily apply anymore. I believe that the 4-month supply mark is probably the line now. Anything under 4 months’ supply still gives sellers a bit of an upper hand. Once you get over that 4-month supply, it’s definitely shifting to a buyer's market.

Interest Rates and Their Impact

So, what are we seeing with interest rates? The 30-year fixed average is right at 7% as of today. If you're looking for a government loan, such as FHA or VA, you’re at about 6.5% on a 30-year mortgage.

Conclusion

There you have it! I hope you have a very spooky and fun Halloween, wherever you are. If you’re in the area, stop by here in Berlin—we’d love to see you. Thanks again, and we'll see you next week with another edition of the Delmarva real estate market report