Areas of the Eastern Shore Real Estate Market See Increased Sale Prices

October 18, 2017

MarketMinuteLogo2017smallMedian sale prices of homes increased in four of the six submarkets in the Eastern Shore real estate market in September. The region’s market continues to face the challenge of low inventory levels, according to the Long & Foster Market Minute reports. The Eastern Shore market includes Worcester, Wicomico, Dorchester, Queen Anne’s, Talbot and Caroline counties.

Eastern Shore Market Minute Chart Sept 2017

A few areas of the Eastern Shore region saw an increase in the number of homes sold in September. In Queen Anne’s County, home sales increased by 14 percent, while they rose by 10 percent in Talbot County. Numerous areas saw a boost in median sale prices, including in Caroline County, which experienced a 38 percent jump, and Talbot County, which experienced a 12 percent increase.

“While many may think that the continued decline in inventory would result in further increases in median sale prices, the market is showing us that there are limits to that,” said Gary Scott, president of Long & Foster Real Estate. “The homes that are selling quickly are those that are both in good, move-in condition and priced correctly.”

Active inventory levels declined throughout the Eastern Shore region in September. In Wicomico County, inventory fell by 26 percent, and it decreased by 22 percent in Worcester County. Homes in the region sold in two to six months on average, with Queen Anne’s County seeing the lowest days on market average of 74 days.

“Homeowners who would like to sell their property quickly need to make sure their home is in good condition and priced right for the neighborhood, which is where a good agent can be invaluable,” Scott said. “An expert in real estate will invest the time, effort and energy in understanding the dynamics of each market on a hyperlocal level.”

For buyers who face a lack of choices of homes on the market, Scott said agents should be more inventive in creating inventory opportunities than in the past. That includes reaching out to the owners of listings that expired in previous years to see if they are still interested in selling, and using property records to research homes and write to the owners to see if they might consider selling.

“In this age of technology, social media and digital presence of properties, there is a need to return to the fundamentals,” Scott said. “Agents can connect consumers in the marketplace while being a trusted advisor, helping to educate clients and assist them in interpreting market information. While regional data can provide good insight, it’s really a starting point in the research process for buyers and sellers.”

The Long & Foster Market Minute is an overview of market statistics based on residential real estate transactions for more than 500 local areas and neighborhoods and over 100 counties in eight states. The easy-to-read, easy-to-share reports include information about each area’s units sold, active inventory, median sale prices, list to sold price ratio, days on market and more.

Information included in this report is based on data supplied by Metropolitan Regional Information System and Coastal Association of Realtors and their member associations of Realtors, which are not responsible for its accuracy. The reports include residential real estate transactions within specific geographic regions, not just Long & Foster sales, and they 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.