Bright MLS just released their latest reports for Auguat 2024. Per the report, the market slowing but prices continue to rise in the Del/Mar Coastal region. Half the homes sold in the Del/Mar Coastal region in August 2024 were on the market 28 days or fewer. Last August, the median was only 16 days. While the brisk market has slowed, homes are moving much faster than in August 2019 when the median days on market was nearly two months.
- Del/Mar Coastal had 782 closed sales in August 2024, with a median sales price of $409,500, and a median of 28 days on the market.
- Sussex County, DE saw a 4.8% increase in closed sales, a 1.1% increase in median sales price, and a 7-day increase in median days on the market in August 2024 compared to the previous year.
- Wicomico County, MD had 92 closed sales in August 2024, showing an 8.9% decrease compared to August 2023, but with a 7.3% increase in median sales price and a significant 12-day increase in median days on the market.
- Worcester County, MD experienced a slight 0.5% increase in closed sales, a 3.0% increase in median sales price, and a substantial 20-day increase in median days on the market in August 2024 compared to the previous year.
New listings continued to increase in the last month, up 14.1% year-over-year in August 2024. The number of new listings is up 16.5% higher year-to-date.
New listings continue to outpace new pending sales; however, new pending sales are also on the rise.
The number of new pending sales increased 12.2% in August and are up 5.6% year-to-date.
The shift in what’s coming on compared to what is going off the market resulted in inventory now 44.2% above where it was at the end of August last year. Unlike the easing in days on market, prices haven’t relented even as supply has improved. The median price growth is slower but rose 2.4% in August.
BrightMLS predicts the market outlook indicatitng that the market activity is not surging, but sales have improved in 2024 compared to last year. At year-end, closed sales, new listings, and active listings should be higher than they were when 2023 came to a close. In the near-term, the easing of mortgage rates could entice some buyers and sellers into the market this fall and winter.