Growth in Home Sales in Most of the Eastern Shore Market in August 2015

September 23, 2015

Market Minute LogoThe number of homes sold increased in much of Maryland’s Eastern Shore region in August, 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 Aug 2015 Chart

The Eastern Shore real estate market saw some positive trends in the number of homes sold in August. In Queen Anne’s County the number of homes sold increased by 29 percent, followed by a 26 percent jump in Caroline County and a 22 percent increase in Wicomico County. Talbot County experienced a 14 percent increase in the number of homes sold, and Dorchester County saw a 10 percent increase. In Worcester County the number of homes sold decreased by 2 percent.

The median sale price varied across the Eastern Shore region, with Caroline County seeing a 19 percent increase and Dorchester County seeing an 11 percent increase compared to the same month last year. In Worcester County the median sale price rose by 4 percent. Other areas experienced declines from 1 percent to 10 percent.

Inventory decreased in many parts of the Eastern Shore region when compared to year-ago levels, according to August data. Worcester County experienced the largest drop at 16 percent, followed by Caroline County at 13 percent. Wicomico County saw active inventory decease by 8 percent and Queen Anne’s County saw inventory decrease by 3 percent. In Dorchester County, the Long & Foster Market Minute reported no change, while Talbot 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 August data. Caroline County experienced an average days on market (DOM) of 65 days, followed by Wicomico County at 103 days. The rest of the region saw homes selling between 105 to 174 days on average.

“Despite concerns about the global economy and the stability of China’s economy and its worldwide impact, consumers in the United States remained confident in the month of August. Consumer spending continued to increase in the U.S., and this was reflected in the real estate industry, including in our local markets,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “The Eastern Shore region continued to see improvements in the number of homes sold, and we’re looking forward to a strong fall market.”

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.