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Dorchester County Real Estate Market Overview:
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· More homes sold in 2014 than previous 7 years.
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· Average Sales are up 39%.
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· Average Sales Price is up11% ($172,695).
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· Number of home sales is up 25%.
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· Average Days on the Market up by 7%.
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· Sellers are getting on average 85% of their list price.
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· Interest rates are still low.
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· Showings are up 5% from last year especially for winter. (More Buyers are looking at homes)
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· There is 10.9 Months of Inventory in Dorchester County which is a Normal Buyer’s Market.
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· Homes under contract are up 6% from last year.
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· New listings are down 6%.
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· The Fed finally hiked on December 16th, causing fears of rising rates in 2016.But global financial markets came into the new year in distress. Now markets aren't even convinced that we'll see another Fed rate hike in 2016. Major stock indices plummeted around the world, and investors sought shelter in the bond market. When investor demand for bonds increases, rates fall. So we're left with much lower mortgage rates despite the Fed having just begun its hiking cycle. This paradoxical trend can continue as long as global market turmoil fuels a demand for safer haven investments. A big bounce in oil/stock prices could mean trouble for rates–at least temporarily. SOURCE: Mortgage Daily News
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Sandy Bradley
Long and Foster Real Estate Company
410-310-3997
Licensed In: Maryland
Contact Me
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