The number of homes sold increased in most parts of Maryland’s Eastern Shore in November, according to The Long & Foster Market Minute reports. Several areas of the Eastern Shore market, which includes Worcester, Wicomico, Dorchester, Queen Anne’s, Talbot and Caroline counties, also saw drops in inventory.
The Long & Foster Market Minute reports are compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales.
Almost all of the Eastern Shore market enjoyed a rise in home sales in November, with Caroline County seeing the largest increase at 39 percent. The number of homes sold also rose by 16 percent in Queen Anne’s County and by 11 percent in Talbot County. Worcester and Dorchester counties saw slightly smaller increases at 7 percent and 4 percent, respectively. Wicomico County had the only decrease in units sold at 13 percent.
Inventory decreased in most of the Eastern Shore region when compared to year-ago levels, according to November data. Wicomico County saw a decrease of 12 percent and Dorchester County had a 7 percent drop. Talbot and Worcester counties’ inventory dropped by 4 percent, while Queen Anne’s and Caroline counties had increases of 5 percent and 2 percent, respectively.
The median sale price dropped in almost all the Eastern Shore region, with Talbot County seeing the only rise of 3 percent. The sale price declined from 1 percent to 29 percent elsewhere in the region.
In most areas of the region, homes are selling in three to six months on average, according to the November data. Caroline County experienced an average days on market (DOM) of 92 days, followed by Wicomico County at 96 days. The rest of the region saw homes selling between 110 to 152 days on average.
“Throughout the Mid-Atlantic and Northeast regions, including on the Eastern Shore, we’ve seen many positive trends in real estate, from increased activity to rising median sales prices,” said Jeffrey S. Detwiler, president and COO for The Long & Foster Companies. “I anticipate that the market’s steady end-of-year growth will continue through December, and I’m optimistic for the coming year, which will benefit from increased housing affordability and rising consumer confidence.”
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.