What's going on here at the beach? Well, we've got love in the air—it’s coming up on Valentine's Day, Boat Show Weekend, as well as Presidents' Day Weekend. This is a pivotal time in our real estate market on an annual basis.

This is the time of year when a lot of us real estate agents say that our spring market actually starts to kick in on Boat Show Weekend. So, for Valentine’s Day, you can get a boat and buy a condo to really win your sweetheart over for the holiday!

Market Update

So, what's actually going on in the real estate market? Typically, this time of year, we start to see inventory build up. Sellers who have been thinking about listing their property typically target this weekend to put it on the market.

Today is Tuesday, the 11th, and in the last seven days, we had 81 new listings hit the market here in the greater Ocean City and Worcester County market. As far as pending sales, 37 properties went under contract during that period. That means new listings have more than doubled the number of properties that sold in the past seven days.

That’s not unusual—this is the calm before the storm. People are getting their properties on the market. If we jump ahead to next week, my anticipation is that we’ll see a number of these new properties go under contract, balancing things out with fewer new listings and more sales.

County Breakdown

Worcester County:

81 new listings in the last seven days

37 properties under contract during that period

519 active listings currently countywide

100 properties under contract in the last 30 days

5.19 months of supply

Wicomico County:

26 new listings in the last seven days

23 properties under contract—a very balanced market

224 total active listings

78 properties under contract in the last 30 days

2.87 months of supply

Sussex County, Delaware:

206 new listings in the last seven days—quite a bit of inventory to choose from

131 properties under contract in the last seven days

1,751 total active listings

422 properties under contract in the last 30 days

4.14 months of supply

If I had to guess, I’d say that out of the 1,700+ active properties in Sussex County, roughly 500 are new construction—some already completed, others still being built.

Interest Rates Update

Looking at interest rates, we are still sitting just over 7%. Since mid-January, we haven’t seen much volatility—they have remained very consistent.

Conclusion

That’s your real estate market report for Delmarva over the past seven days! If you found this information helpful, please share it with a friend.

We look forward to seeing you here at the beach for Valentine’s Day and Boat Show Weekend. There will be plenty of open houses and new inventory to explore. It would be our pleasure to assist you in any way we can.

Thanks again, and we’ll see you next week with another real estate market update!