Eastern Shore Housing Market Sees Increased Homes Sold in April

May 20, 2013

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

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 April compared to the same month in 2012, according to The Long & Foster Market Minute® reports. In April, the Eastern Shore region saw an increase in the number of homes sold across most of the region and 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 April, the number of homes sold increased throughout most of the Eastern Shore region, according to data. Talbot County saw increases of 33 percent. Caroline and Worcester counties both reported increases of 24 percent. Wicomico and Queen Anne’s counties experienced increases of 18 percent and 2 percent, respectively.

The Eastern Shore’s inventory continued to decline throughout the region compared to the same month last year. Wicomico and Dorchester counties experienced a 24 percent and 18 percent decrease in active inventory, respectively. Worcester and Caroline counties saw inventory tighten 16 percent and 14 percent, respectively. Queen Anne’s and Talbot counties experienced a decline in active inventory of 10 percent and 5 percent, respectively, according to data.

According to data, median sale prices were varied across Maryland’s Eastern Shore region. Caroline County experienced an increase of 13 percent, while Wicomico County increased by 6 percent in median sale price year-over-year. Queen Anne’s county saw no change compared to April 2012.

Homes are continuing to sell at a solid pace throughout most of the region, according to the April data. Queen Anne’s County’s days on market (DOM) was an average of 167 days, while Wicomico County had an average DOM of 171 days. The rest of the region saw homes selling between 175 to 196 days, on average.

“The residential real estate market continues to bloom in the Eastern Shore region this spring. Market conditions remain on the upward trend – including job growth, home affordability and consumer confidence – and those interested in the local market are researching what it has to offer,” said Jeffrey S. Detwiler, president and chief operating officer of The Long & Foster® Companies.

“Although housing inventory is still low, limiting buyers’ options, the Eastern Shore market continues to show a number of positive trends, such as appreciating home prices, an increasing number of homes sold and decreasing average days on market. These indicators are all good signs for the Eastern Shore region’s local housing market, and just go to show it’s a great time for those considering buying to fulfill their dreams of homeownership.”

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.