Nov 201615

Areas of the Eastern Shore Market See Increase in Sale Prices in October 2016

Nov 201615

Areas of the Eastern Shore Market See Increase in Sale Prices in October 2016

Market Minute LogoMedian sale prices rose in a number of areas of the Eastern Shore region in October, 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 Market Minute Chart Oct 2016

Median sale prices rose in many parts of the Eastern Shore region in October when compared to the previous year, with Dorchester County seeing a 46 percent jump and Worcester County seeing an 11 percent increase compared to the same month last year. In both Talbot and Wicomico counties, the median sale price rose by 7 percent, and Queen Anne’s County experienced a 4 percent drop from the previous year. The median sale price in Caroline County fell by 25 percent.

The number of homes sold fell in most of the Eastern Shore real estate market in October. Caroline County experienced a 33 percent increase in the number of homes sold, while Wicomico County experienced a 2 percent decrease from the previous year. Dorchester County experienced a 5 percent decrease in the number of homes sold, followed by Worcester County with a decline of 13 percent. In Queen Anne’s County, the number of homes sold fell by 16 percent, and in Talbot County it fell by 17 percent.

Active inventory decreased throughout the Eastern Shore region when compared to year-ago levels, according to October data. Wicomico and Queen Anne’s counties experienced declines of 32 percent and 25 percent, respectively, followed by Caroline County with a decline of 22 percent. In Talbot County, active inventory fell by 16 percent, and Worcester County experienced a 15 percent decline. In Dorchester County, active inventory decreased by 11 percent.

Dorchester County leads the region with the lowest average days on market (DOM) at 73 days, followed by Queen Anne’s County with a DOM average of 88 days. In Wicomico County, the DOM average was 97 days, and in Caroline County, homes sold in an average of 113 days. In Worcester and Talbot counties, the DOM averages were 145 days and 146 days, respectively.

“The U.S. economy saw promising signs in October, such as an uptick in wage growth and higher-than-expected retail sales. In the housing market, we continued to see positive trends as well, 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 has increased the burden on demand for homes, many are still purchasing property in an effort to take advantage of low mortgage rates.”

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.