For Zip Code 21915
May sales for Chesapeake City MD continued to be very weak with only 3 properties selling. Even though this is an improvement over the rest of the year, sellers can take no comfort that the market in Chesapeake City has improved. The fact remains, only5 properties have sold in the 1st 5 months! There are however 8 pending sales in the zip code which should show a seasonal uptick for the next couple of months.
Total Sales however are still below 2010 Levels
New Listing Volume was weak again which is a positive note for existing sellers. As we clear inventory, prices should stabilize and entice more buyer activity, especially with rates so low.
Overall Chesapeake City Remains one of the weakest areas for the whole county.
The Bottom Line:
We should start to see some price stabilization, for now...But there are some signs that the large financial institutions will begin putting foreclosures on the market again. Word is that they will be placing them on the market in a staged approach, (a few a month) so as not to de-stabilize the market. Only time will tell.
Steve Hubbell, Realtor® - Internet Marketing Specialist - The "Bay Property Team" was formed in 2006 by Susan and Steve Hubbell to specialize in helping Buyers and Sellers invest in Waterfront and Water Access Properties in Chesapeake City, Elkton, Earleville, and Warwick in Cecil County MD. We also serve, Georgetown, Galena, and Kennedyville in Kent County MD and surrounding areas. (800)-890-0381