May 201718

Home Sales Rose in Parts of the Eastern Shore Market in April 2017

May 201718

Home Sales Rose in Parts of the Eastern Shore Market in April 2017

Market Minute Logo 2017The number of homes sold rose in parts of the Eastern Shore region in April, according to The Long & Foster Market Minute reports. The Eastern Shore market includes Worcester, Wicomico, Dorchester, Queen Anne’s, Talbot and Caroline counties. The Long & Foster Market Minute reports are based on data provided by Metropolitan Regional Information System and Coastal Association of Realtors and their member associations of Realtors and include residential real estate transactions within specific geographic regions, not just Long & Foster sales.

EasternShore MM April2017

The number of homes sold increased in areas of the Eastern Shore real estate market in April when compared to the previous year. Dorchester County experienced a 109 percent jump in the number of homes sold, and Queen Anne’s County experienced a 40 percent increase. Wicomico County experienced a 28 percent increase in the number of homes sold, and in Worcester County, the number of homes sold rose by 20 percent. In Talbot County, the number of homes sold decreased by 17 percent, and in Caroline County the number of homes sold fell by 22 percent.

Parts of the Eastern Shore region also experienced increased median sale prices in April compared to year-ago levels. Caroline County saw a 24 percent increase and Dorchester County saw a 19 percent increase. In Talbot County, the median sale price rose by 6 percent, and Worcester County experienced a 1 percent increase from the previous year. The median sale price in Queen Anne’s and Wicomico counties declined by 3 percent and 7 percent, respectively.

Active inventory decreased throughout the Eastern Shore region when compared to last year, according to April data. Wicomico County saw active inventory decrease by 35 percent, and Worcester County experienced a 23 percent decline in inventory. Active inventory fell by 21 percent in Dorchester County, while it declined by 20 percent in Queen Anne’s County. In Talbot County, active inventory decreased by 14 percent and in Caroline County it decreased by 11 percent.

Caroline County leads the region with the lowest average days on market (DOM) at 63 days, followed by Queen Anne’s County with a DOM average of 85 days. In Wicomico County, the DOM average was 107 days, and in Worcester County, homes sold in an average of 127 days. In Talbot and Dorchester counties, the DOM averages were 135 days and 140 days, respectively.

“April was a solid month at Long & Foster and, despite the lacking inventory that most areas are experiencing, we saw numerous positive indicators of growth in the real estate market, including in the Eastern Shore region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Market conditions are creating a lot of competition for homes, but we know our family of experienced, professional agents can help homebuyers succeed in finding not only a place to live, but a home they’ll love.”

The Long & Foster Market Minute is an overview of market statistics based on residential real estate transactions and presented at the county level. The easy-to-read and easy-to-share reports include information about each area’s units sold, active inventory, median sale prices, months of supply, new listings, new contracts, list to sold price ratio, and days on market. Featuring reports for more than 500 local areas and neighborhoods in addition to more than 100 counties in eight states, The Long & Foster Market Minute is offered to buyers and sellers as they aim to make well-informed real estate decisions.

The Long & Foster Market Minute reports are available at www.LongandFoster.com, and you can subscribe to free updates for the reports in which you’re interested.    Information included in this report is based on data supplied by MRIS and CAR, which is not responsible for its accuracy. The reports do not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of MRIS, CAR or Long & Foster Real Estate.