Lauren Bunting Broker MD & DE

October 2022 Local Market Update

Thursday, December 01, 2022, Lauren Bunting

The multiple list service, BrightMLS, that provides real estate data in the Mid-Atlantic, covering

six states (Delaware, Maryland, New Jersey, Pennsylvania, Virginia, West Virginia and the

District of Columbia), issues market stats on a monthly basis in their Mid-Atlantic Market

Report.

The most recent report showed that home sales were down 29.8% in the Mid-Atlantic in

October, as continued fast-rising mortgage rates have priced some home buyers out of the

marketplace, while others have taken a “wait-and-see” approach, according to the Bright MLS

October Housing Report released today. With inventory still low, the median home price

continued to increase in the region, rising 4% year-over-year to $364,000 in October. The

average home sales price for Maryland specifically in the October data was $444,315.

“The effects of the sharp and quick increase in interest rates are being felt in full force in the

Mid-Atlantic housing market,” said Dr. Lisa Sturtevant, Bright MLS Chief Economist. “In most

places, we haven’t seen prices fall yet, but they will undoubtedly come down from their peak

levels. However, because home prices ran up so quickly during the pandemic, in most markets

prices will remain higher than they were three years ago.”

In the weekly Market Report, Bright MLS reported data showing that Buyer activity stalled

during the Thanksgiving week. Below were the highlights provided by Bright MLS in their most

up to date weekly Market Report:

 Homebuying activity always slows during the holiday week, but the number of weekly

new purchase contracts across the Bright footprint during the week ending November

27 was at the lowest level since the end of 2019.

 New listings fell sharply last week. Sellers were largely sitting out last week, as the

number of new listings coming onto the market fell 40.9% compared to a week ago. The

ratio of new pendings to new listings rose to 1.42 during the week ending November 27,

which is the highest level for the year. With significantly fewer new listings, the average

daily inventory in the region fell 2.6% compared to a week ago.

 Sellers have begun to internalize new market environment. More than 40% of active

listings on the market across the Bright footprint had a price drop. But the share of

listings with a price drop has declined in some markets, which indicates that sellers are

starting to do a better job at setting their original asking price.


Lauren Bunting is the Broker of Record for Keller Williams Realty of Delmarva in Ocean City, MD.

Lauren Bunting is a Broker with Keller Williams Realty of Delmarva in Ocean City, Maryland.

Go Back

Thank you so much for all of your hard work. We are so excited to move into the perfect house for us, and couldn't have done it without your guidance.

Megan and Brandon Cater

My friend was right, you are the hardest working realtor, bar none. I honestly don't think that I would have gotten through this house selling process without you.

Brenda Burbage

Lauren made first time homebuying extremely approachable, and took the time to educate me on everything involved in the process.

Amanda Hanke and Keri Swigert

Thank you for all of your hard work and dedication that made this purchase possible. You advocate for your clients and I highly regard you for it. You made it possible for me and my family to achieve our goal of homeownership.

Tom Harutyunyan

Thank you so much for the very wonderful, professional job you did with selling our property. You will always be special to me.

Penny Carley

We want to say a sincere "Thank You" for all you've done for us! We know at times the road seemed never ending. Thank you for always staying positive even through our ups and downs of this process. We appreciate all you do!

Mike and Patty Locke

Lauren's extensive knowledge of the local real estate market proved to be invaluable during the purchase of our first home.

Allison Shockley and Patrick Molloy

Lauren is very easy to work with. She has helped me sell and buy homes in the area and has always been hard working and professional.

Jennifer K. Leggour

Lauren went through tremendous lengths to look out for us every step of the way all the way to the very end. If you are in need of a real estate agent who will treat your transaction as if it were their own and provide you with nothing less than A+ service you will be in good hands with Lauren.

Shireen and Mark Ambush

We were referred to Lauren by a good friend, and we couldn’t have been placed in better hands. Lauren went above and beyond in every way, throughout the entire process.

Liz Young

Lauren Bunting was our realtor when we recently sold two homes- one in Maryland and the other one in Delaware. To say we were very satisfied with all she did for us is an understatement!

Janet and Bruce Lathbury

MLS Disclaimer


Top
Contact Me
Realtor logo   Equal Housing Opportunity logo