November 2019 Luxury Market In Review

As a ‘Local’ agent and expert in the luxury market, I provide all-inclusive concierge services, assisting you with all your buying and selling needs. I am steadfastly available to ensure your happiness and satisfaction.

Through all stages of buying or selling your property and beyond, I am dedicated to bringing you the best of Ocean City and the surrounding areas. I provide all-inclusive concierge services, assisting you with all your needs. I am steadfastly available to ensure your happiness and satisfaction.

In the partnership with The Institute for Luxury Home Marketing, I have analyzed a number of metrics — including sales prices, sales volumes, number of sales, sales-price-to-list-price ratios, days on market and price-per-square-foot – to provide you a comprehensive Luxury Market report.

Additionally, we have further examined all of the individual luxury markets to provide both an overview and an in-depth analysis – including, where data is sufficient, a breakdown by luxury single-family homes and luxury attached homes.

Looking through this report, you will notice three distinct market statuses, Buyer’s Market, Seller’s Market, and Balanced Market. A Buyer’s Market indicates that buyers have greater control over the price point. This market type is demonstrated by a substantial number of homes on the market and few sales, suggesting demand for residential properties is slow for that market and/or price point.

By contrast, a Seller’s Market gives sellers greater control over the price point. Typically, this means there are few homes on the market and a generous demand, causing competition between buyers who ultimately drive sales prices higher.

A Balanced Market indicates that neither the buyers nor the sellers control the price point at which that property will sell and that there is neither a glut nor a lack of inventory. Typically, this type of market sees a stabilization of both the list and sold price, the length of time the property is on the market as well as the expectancy amongst homeowners in their respective communities – so long as their home is priced in accordance with the current market value.

Worcester County Luxury Market Report Summary

Single-Family Luxury Market

• The Worcester County single-family luxury market is a Buyer’s Market with an 11% Sales Ratio.
• Homes sold for a median of 96.33% of list price in October 2019.
• The most active price band is $850,000-$949,999, where the sales ratio is 50%.
• The median luxury sales price for single-family homes has increased to $877,000.
• The median days on market for October 2019 was 37 days, down from 46 in September 2019.

Attached Home Luxury Market

• The Worcester County attached luxury market is a Buyer’s Market with a 4% Sales Ratio.
• Homes sold for a median of 97.65% of list price in October 2019.
• The most active price band is $800,000-$949,999, where the sales ratio is 67%.
• The median luxury sales price for attached homes has increased to $775,000.
• The median days on market for October 2019 was 60 days, up from 39 in September 2019.

The full report can be found below. For more information about the November 2019 Luxury Market report and the services I can offer you and your luxury property, please give me a call at 410.430.1575 or email me at mnichols@LuxuryShoreLiving.com.