May 201626

Areas of Eastern Shore Market Sees Increased Median Sale Prices in April 2016

May 201626

Areas of Eastern Shore Market Sees Increased Median Sale Prices in April 2016

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

EasternShore MMApril2016

Median sale prices rose in a number of places within the Eastern Shore region in April, with Dorchester County seeing a 29 percent increase and Wicomico County seeing a 15 percent increase compared to the same month last year. In Talbot County the median sale price rose by 13 percent. Queen Anne’s County experienced a 12 percent increase, and Worcester County saw no change from the previous year. In Caroline County the median sale price declined by 11 percent.

The number of homes sold increased in most parts of the Eastern Shore real estate market in April. Worcester County experienced a 25 percent jump in the number of homes sold, while Queen Anne’s County saw a 15 percent increase from the previous year. Talbot County experienced an increase of 9 percent and in Wicomico County the number of homes sold rose by 6 percent. Other areas in the region saw the number of homes sold fall by 6 percent to 41 percent.

Inventory decreased in the Eastern Shore region when compared to year-ago levels, according to April data. Queen Anne’s County experienced the largest drop at 25 percent, followed by Caroline County at 18 percent. Worcester County saw active inventory decease by 15 percent and it fell by 13 percent in Wicomico County. Dorchester and Talbot counties saw active inventory decline by 11 percent and 10 percent, respectively.

Within the region, homes are selling in three to five months on average, according to April data. Dorchester and Queen Anne’s counties experienced the lowest average days on market (DOM) of 101 days, followed by Wicomico County at 107 days and Talbot County at 119 days. The rest of the region saw homes selling between 125 to 153 days on average.

“Low inventory is causing frustration for many homebuyers but we are continuing to see some positive trends otherwise, including in the Eastern Shore region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Many are seeing home prices increase, which is excellent for those looking to sell, new home sales are high and home improvement stores are reporting strong earnings. With mortgage rates continuing to remain low, we anticipate the market will remain healthy as we move into 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.