A Week In Business – December 8, 2017

Real Estate Market Update

BERLIN – The local real estate market is seeing increased pending contracts and settlements compared to last year, according to the latest numbers from the Coastal Association of REALTORS® (CAR).

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Above is a snapshot of key November real estate indicators courtesy of the Coastal Association of Realtors. Submitted Image

November 2017 saw a 7.7 percent jump in single family home and condominium contracts compared to the same time last year in Somerset, Wicomico and Worcester counties. Individually, single family home contracts increased by 22.4 percent in Worcester County and remained the same in Wicomico and Somerset counties. Condominium contracts increased by 125 percent in Wicomico, and remained the same in Worcester and Somerset.

Settlements were up by 12.7 in the tri-county area. Individually, single family home settlements were up by 31.7 percent in Worcester County and by 26.7 percent in Somerset, but were down by 11.4 percent in Wicomico. Condominium settlements were up by 14.3 percent in Worcester and by 125 percent in Wicomico, but remained the same in Somerset.

Inventory saw a healthy spike in November, with the entire area seeing an overall 19.9 percent increase in listings. Individually, single family listings were up by 27 percent in Worcester, by 9.1 percent in Wicomico, and by 35.3 percent in Somerset. Condominium listings were up by 21.8 percent in Worcester and by 42.9 percent in Wicomico, but remained the same in Somerset.

Days on the market was down overall by one percent. Listing prices were down by 5.7 percent and sale prices were down by 4.6 percent.

“Although we are entering what is historically our slowest time of the year, as people turn their attention to the holidays and their families, that boost in local inventory could propel sales activity and have us wrap up 2017 on a high note,” said CAR President Joel Maher. “It’s great to see confidence among buyers and sellers. These numbers are a sign of a healthy market.”

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Hotel GM Named

OCEAN CITY — Keith Whisenant has accepted the position as general manager of the Residence Inn by Marriott Ocean City, scheduled to open in spring 2018. Whisenant is a hotel management executive with over 22 years of experience in the local resort market, serving in various roles.

Whisenant most recently held the position of general manager at the Hyatt Place in Dewey Beach, Del., assuming the role in 2014, having been promoted from an assistant general manager’s role.

Prior to his role in Dewey Beach, Whisenant spent 17 years in a managerial role with the Harrison Group at several properties in Ocean City. Whisenant is a 1997 graduate of Stephen Decatur High School and attended the University of North Alabama.

“I’m fortunate to receive this opportunity for a truly transcendental property, with an incredible ownership team here in Ocean City,” Whisenant said.

The 150-suite Residence Inn by Marriott is owned by Inns of Ocean City, LLC and managed by Palmer Gosnell Hospitality, LLC of Vienna, Va.

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Hospital Personnel Announcement

BERLINAtlantic General Hospital and Health System has announced Tim Whetstine has accepted the position of vice president of practice administration for Atlantic General Hospital and Health System.

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Tim Whetstine

Whetstine has more than 22 years of experience in clinical operations, practice management and revenue cycle management in healthcare systems large and small across the country. Prior to joining Atlantic General, he served as the executive director of clinical operations for Millard-Henry Clinics in Russellville, Arkansas; the senior practice manager for Physicians Professional Management Corporation in Lewiston, Maine; and director of billing operations for McKesson Corporation. Whetstine is a veteran of the US Air Force, where he served as an organizational trainer and nuclear weapons expert, earning several awards during his 11 years of service.

“It is truly a privilege to be a part of AGH/AGHS; from my interviews that occurred several weeks ago to being on the job now, everyone has been very welcoming and extremely supportive,” Whetstine said, “Without a doubt, I am thrilled to be on the AGH/AGHS team and will do my part to add value to our health system and our surrounding community.”