Falling Inventory Will Continue Price Pressure
Sales and listing activity continues to lag 2022
The Mid-Atlantic region saw its first dip in active listings in June. Maryland Eastern Shore had fewer active listings in May, and it continued in June, down 5.9%. While active listings are lower than last year, transactions are also down. This counterbalance puts Maryland Eastern Shore at 2.26 months of supply–still well within seller market territory.
Median days on market is at its lowest level since last year, at 10 days in June 2023. Lower inventory will most likely keep the days on market tight for buyers.
Buyers also face continued high prices. Though the median sale price dropped slightly from its peak last month, it rose 3.1% year-overyear.
Although they face obstacles, buyers are still in strong pursuit of homeownership. The HDI shows Steady demand and showing activity is only down 9.0% from last year.
Market Outlook
Although buyers face a lack of inventory, elevated mortgage rates, and growing prices, demand persists in the Maryland Eastern Shore area. The continued demand, Steady according to the HDI for the past three months, and limited listings should keep prices stable or rising through the rest of 2023.
New listings currently are driven by those who need to sell, such as a job transfer or the owner passing away. Additionally, some new listings are from people selling second homes and investment properties. As interest rates ease somewhat, owners may feel less “locked in”, though the change in inventory levels won’t be significant enough to turn the table in favor of buyers.