Large increases were seen in the number of homes sold in Maryland’s Eastern Shore region in December, 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.
The entire Eastern Shore market enjoyed a rise in home sales in December, with Wicomico County seeing a whopping 67 percent increase, followed by Queen Anne’s County at 58 percent and Dorchester County at 54 percent. The number of homes sold rose by 23 percent in Caroline County and by 18 percent in Worcester County. Talbot County experienced an increase of 16 percent.
Inventory decreased in most of the Eastern Shore region when compared to year-ago levels, according to December data. Wicomico County saw a decrease of 13 percent and Worcester County had a 7 percent drop. Inventory in Talbot and Dorchester counties dropped by 6 percent and 3 percent, respectively. Caroline County saw inventory decrease by 2 percent, while Queen Anne’s County experienced a 3 percent rise in inventory.
The median sale price increased in a few parts of the Eastern Shore region, with Queen Anne’s County seeing a 15 percent increase and Worcester County enjoying a 9 percent increase. In Talbot County the median sale price rose by 1 percent, while other areas experienced decreases of 5 percent to 16 percent.
In most areas of the region, homes are selling in three to five months on average, according to the December data. Wicomico County experienced an average days on market (DOM) of 106 days, followed by Queen Anne’s County at 114 days. The rest of the region saw homes selling between 130 to 155 days on average.
“December brought modest improvements to the Mid-Atlantic and Northeast real estate market, including on the Eastern Shore, with many areas enjoying rising numbers of homes sold,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “These developments are positive for the real estate market and leave us positioned for growth in 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.
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