Eastern Shore Market Sees Positive Trends in September 2015

October 18, 2015

Market Minute LogoThe number of homes sold increased in many parts of Maryland’s Eastern Shore region in September, 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 MM Sept2015

The Eastern Shore real estate market saw some positive trends in the number of homes sold in September. In Queen Anne’s County the number of homes sold increased by 24 percent, followed by a 10 percent jump in Wicomico County and a 9 percent increase in Dorchester County. Caroline County experienced a 6 percent increase in the number of homes sold, and Worcester County saw a 10 percent decrease. In Talbot County the number of homes sold decreased by 20 percent.

The median sale price varied across the Eastern Shore region, with Dorchester County seeing a 42 percent jump and Queen Anne’s County seeing an 8 percent increase compared to the same month last year. In Talbot County the median sale price rose by 1 percent. Other areas experienced declines from 4 percent to 13 percent.

Inventory decreased in many parts of the Eastern Shore region when compared to year-ago levels, according to September data. Worcester County experienced the largest drop at 16 percent, followed by Caroline County at 12 percent. Queen Anne’s County saw active inventory decease by 4 percent and Wicomico County saw inventory decrease by 3 percent. In Talbot County, the Long & Foster Market Minute reported a 1 percent dip, while Dorchester County saw a 2 percent increase in active inventory.

In most areas of the region, homes are selling in two to six months on average, according to the September data. Wicomico County experienced an average days on market (DOM) of 98 days, followed by Caroline County at 112 days. The rest of the region saw homes selling between 118 to 156 days on average.

“Though many are still concerned for economic growth in China, The United States economy is continuing to grow and the job market is steadily improving. The stability in the U.S. was also reflected in the real estate market, including locally,” said Jeffrey S. Detwiler, president and chief operating officer of The Long & Foster Companies. “In the Eastern Shore region, we continued to see improvements in the number of homes sold, and we anticipate a healthy last few months of 2015.”

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, Inc.