The number of homes sold rose in a number of areas in Maryland’s Eastern Shore region in May, 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 number of homes sold increased in many parts of the Eastern Shore real estate market in May. Queen Anne’s County experienced a 28 percent jump in the number of homes sold, while Dorchester County saw a 23 percent increase from the previous year. Caroline County experienced an increase of 17 percent and in Wicomico County the number of homes sold rose by 1 percent. Worchester and Talbot counties experienced declines of 1 percent and 16 percent, respectively.
Median sale prices varied in the Eastern Shore region in May, with Dorchester County seeing a 28 percent increase and Caroline County seeing a 23 percent increase compared to the same month last year. In Wicomico County, the median sale price rose by 7 percent and Worcester County experienced no change from the previous year. The median sale price in Queen Anne’s County fell by 3 percent, and in Talbot County it declined by 11 percent.
Inventory decreased throughout the Eastern Shore region when compared to year-ago levels, according to May data. Queen Anne’s County experienced the largest drop at 27 percent, followed by Caroline County at 18 percent. Both Wicomico and Worcester counties saw active inventory decease by 16 percent and it fell by 10 percent in Dorchester County. Talbot County saw active inventory decline by 7 percent.
Within the region, homes are selling in three to five months on average, according to May data. Queen Anne’s County experienced the lowest average days on market (DOM) of 90 days, followed by Dorchester County at 104 days and Caroline County at 106 days. The rest of the region saw homes selling between 112 to 150 days on average.
“May was a good month for the real estate industry overall this year, as well as in the Eastern Shore region. Mortgage rates remain at historic lows and consumer confidence hit its highest since June 2015 last month,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “These developments, along with other positive economic news, indicate the strength of the real estate market, which we expect to continue to do well throughout the summer.”
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.