Sep 201626

Areas of Eastern Shore Market Saw Median Sale Price Rise in August 2016

Sep 201626

Areas of Eastern Shore Market Saw Median Sale Price Rise in August 2016

Market Minute LogoMedian sale prices rose in a number of areas of Maryland’s Eastern Shore region in August, 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.

Eastern Shore MM August 2016

 

Median sale prices increased in parts of the Eastern Shore region in August when compared to the previous year, with Queen Anne’s County seeing a 15 percent jump and Worcester County seeing an 8 percent increase compared to the same month last year. In Wicomico County, the median sale price rose by 6 percent and Caroline County experienced no change from the previous year. The median sale price in Dorchester County fell by 1 percent, and in Talbot County it declined by 18 percent.

The number of homes sold varied in the Eastern Shore real estate market in August. Wicomico County experienced a 7 percent increase in the number of homes sold, while both Dorchester and Worcester counties saw a 3 percent increase from the previous year. Queen Anne’s County experienced a 1 percent decline in the number of homes sold, and Talbot and Caroline counties saw decreases of 12 percent and 27 percent, respectively.

Inventory decreased throughout the Eastern Shore region when compared to year-ago levels, according to August data. Both Caroline and Queen Anne’s counties experienced the largest drop at 25 percent, followed by Wicomico County at 23 percent. Worcester and Dorchester counties saw active inventory decease by 18 percent and 14 percent, respectively. In Talbot County, active inventory fell by 13 percent.

Within the region, homes are selling at a steady pace, according to August data. Queen Anne’s County experienced the lowest average days on market (DOM) of 80 days, followed by Dorchester County at 90 days and Caroline County at 91 days. In Wicomico County, the DOM average was 95 days, while the rest of the region saw homes selling between 122 days to 128 days on average.

“The U.S. economy was lackluster in August, but consumer sentiment remained positive. At Long & Foster, we saw evidence of that optimism in many of our markets including in the Eastern Shore region, where we saw rising median sale prices,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Although low inventory levels continue to be a source of frustration, many are still taking advantage of historically low mortgage rates, and we expect the housing market to remain steady this fall.”

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.