Median sale prices rose in many parts of the Eastern Shore real estate market in May, and stayed steady in two areas, according to the Long & Foster Market Minute reports. The Eastern Shore market includes Worcester, Wicomico, Dorchester, Queen Anne’s, Talbot and Caroline counties.
Median sale prices of homes rose or remained unchanged in the Eastern Shore region in May when compared to the previous year. In Caroline County, the median sale price jumped by 66 percent, while other increases were more modest. Both Dorchester and Queen Anne’s counties experienced increases in the number of homes sold last month, rising by 22 percent and 7 percent, respectively.
Most of the Eastern Shore region saw active inventory levels fall by double digits, except for Dorchester County, where it declined by 5 percent. The steepest decline was seen in Caroline County, where inventory fell by 32 percent. Homes in the region sold in a little over two months to five months on average in May. Wicomico County saw the shortest days on market average at 68 days.
Many worry that if they didn’t buy a home during the spring season, they have missed out on the best opportunities. According to Gary Scott, president of Long & Foster Real Estate, that isn’t necessarily true, as each season’s market has its own pros and cons.
“While more homes are listed in the spring than any other season, the hot market also means you have more people competing to buy the same properties,” Scott said. “During other times of year there may be fewer choices, but there can also be more room for negotiation with fewer buyers on the market.”
Scott said home buyers who wait until next spring to purchase are likely to face higher sale prices and higher mortgage rates. He said he advises most buyers that they shouldn’t try to play the market.
“The time to buy a house is when you want to buy a house and it’s right for your personal situation,” Scott said. “You never know when the right home for your family will come on the market, but a knowledgeable real estate agent can help you be as prepared as possible for when it does.”
The Long & Foster Market Minute is an overview of market statistics based on residential real estate transactions for more than 500 local areas and neighborhoods and over 100 counties in eight states. The easy-to-read, easy-to-share reports include information about each area’s units sold, active inventory, median sale prices, list to sold price ratio, days on market and more.
Information included in this report is based on data supplied by Metropolitan Regional Information System and Coastal Association of Realtors and their member associations of Realtors, which are not responsible for its accuracy. The reports include residential real estate transactions within specific geographic regions, not just Long & Foster sales, and they 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.