Median sale prices rose in most parts of Maryland’s Eastern Shore region in February, 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.
The median sale price increased in much of the Eastern Shore region in February, with Dorchester County seeing a 65 percent increase and Caroline County seeing a 55 percent increase compared to the same month last year. In Talbot County the median sale price rose by 21 percent. Worcester County experienced an 18 percent increase, and Wicomico County saw a 7 percent increase. In Queen Anne’s County the median sale price declined by 20 percent.
The number of homes sold increased in a number of areas of the Eastern Shore real estate market in February. Dorchester County experienced a 58 percent jump in the number of homes sold, while Wicomico County saw a 45 percent increase from the previous year. Talbot County experienced an increase of 20 percent and in Caroline County the number of homes sold rose by 4 percent. In Queen Anne’s County and Worcester County the number of homes sold declined by 4 percent and 6 percent, respectively.
Inventory decreased in the Eastern Shore region when compared to year-ago levels, according to February data. Queen Anne’s County experienced the largest drop at 22 percent, followed by Caroline County at 18 percent. Worcester County saw active inventory decease by 15 percent and it fell by 14 percent in Dorchester County. In Wicomico County, active inventory fell by 10 percent, while it dipped by 5 percent in Talbot County.
Within the region, homes are selling in three to seven months on average, according to February data. Both Caroline and Talbot counties experienced the lowest average days on market (DOM) of 94 days, followed by Queen Anne’s County at 117 days. The rest of the region saw homes selling between 123 to 220 days on average.
“The United States economy saw positive growth in the number of jobs added in February, which is good news for the housing market,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “We also saw some favorable improvements happening within our market areas last month as well, including in the Eastern Shore region. Though many places are feeling the squeeze of low inventory, we anticipate an upturn in the spring will help alleviate demand.”
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, Inc.