2022 was a year in which we saw a shift in the real estate market: increasing mortgage rates, reduction in the volume of sales, but no increase in inventory resulting in prices remaining strong. Here’s an “at a glance” recap of some of the various market stats.
• The average sales prices varied monthly throughout the year, but May had the highest sales price average increase year over year for Worcester County at a 22.8% increase and a $463,563 sales price average. November was the secondhighest at 17.6% higher than 2021 figures, and a sales price average at $495,145.
• The months of inventory reported figure for January 2022 showed Worcester County was at a record low of 1.1 months, compared to the same time in 2021 where the months of inventory average was 1.8. Current statistics show we are sitting at 3.2 months in 2023.
• For the month of November, in 2021 there were 339 active listings and in 2022 there were 324 active listings. Despite those figures being close, there were 265 units sold in 2021 and only 128 units sold in 2022 in the month of November- representing a 51.8% decrease.
• For the month of November, inventory remained limited at 135 new listings in 2022, whereas November 2021 saw 205 new listings. The average sold price in November 2022 was up 17.6% over 2021.
• As of the first week in 2023, there are only 21 total units actively listed for sale in the MLS that are direct oceanfront
• The luxury market saw 73 homes sell in 2022, an increase from 2021 where 34 sales were over the $1 million dollar mark.
• The majority of the luxury homes sold in 2022 had mailing addresses in the 21842 zip code of Ocean City, which saw 49 of the 73 sales, and Berlin came in second with 12 sales over the $1 million mark
• The highest priced sale in Worcester County was for $4,050,000, and this home was a waterfront property located in Snow Hill with 345 acres and a mile of shoreline.
• As of the first week in 2023, there were only 8 active homes listed under $400,000 in Ocean Pines. In the first week of 2023, there are just 20 active homes in Ocean Pines listed for sale in the MLS.
• In 2021 Worcester County saw 82 new construction units sold and in 2022, Worcester County had an increase to 123new construction units sold for an average price of $587,588.
Lauren Bunting is a Broker with Keller Williams Realty of Delmarva in Ocean City, Maryland.
