Eastern Shore Housing Market Continues to Experience Tightened Inventory

March 18, 2013

February Long & Foster Market Minute® reports show many positive trends for region

CHANTILLY, Va., March 18, 2013 –The Eastern Shore of the Maryland real estate market, including Worcester, Wicomico, Dorchester, Queen Anne’s, Talbot, and Caroline counties, experienced some positive trends in February compared to the same month in 2012, according to The Long & Foster Market Minute® reports. In February, the Eastern Shore region continued a decline in active inventory compared to year-ago levels, according to data.

The Long & Foster Market Minute® reports are compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales.

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In February, the Eastern Shore’s inventory continued to decline throughout most of the region compared to the same month last year. Wicomico and Worcester counties experienced a 27 percent and 24 percent decrease, respectively, in active inventory. Dorchester and Talbot counties saw inventory tighten 22 percent and 14 percent, respectively. Queen Anne’s County experienced a decline in active inventory of 9 percent, according to data.

Median sale prices increased through some parts of Maryland’s Eastern Shore region, according to February data. Queen Anne’s County experienced a significant increase of 32 percent, while Caroline County increased by 16 percent in the median sale price year-over-year.

In February, the number of homes sold increased or remained the same throughout some of the Eastern Shore region, according to data. Queen Anne’s and Wicomico counties saw increases of 19 percent and 7 percent, respectively. Part of the decrease in number of homes sold can be attributed to the low levels of inventory across the region.

Homes are continuing to sell at a solid pace throughout most of the region, according to the February data. Queen Anne’s County days on market (DOM) were an average of 101 days, while Dorchester County had an average DOM of 111 days. The rest of the region saw homes selling between 160 and 208 days, on average.

“As we gear up for the 2013 spring buying season, the local real estate market in the Eastern Shore region continues to benefit from positive economic conditions, job growth, and consumer optimism,” said Jeffrey S. Detwiler, president and chief operating officer of The Long & Foster® Companies.

“In February 2013, home prices continued to appreciate in some areas, inventory remained low, and houses were snapped up at a healthy pace – all great signs for an Eastern Shore-area residential real estate market that is in recovery mode.”

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 users can subscribe to free updates for the reports in which they’re interested.