Home Sales Increase in Much of the Eastern Shore Market in September 2016

October 18, 2016

Market Minute LogoThe number of homes sold rose 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 MarketMinute September 2016

The number of homes sold increased in nearly all of the Eastern Shore real estate market in September. Dorchester County experienced a 57 percent increase in the number of homes sold, while Talbot County experienced a 32 percent increase from the previous year. Worcester County experienced a 30 percent increase in the number of homes sold, followed by Wicomico County with a 21 percent increase. In Caroline County, the number of homes sold rose by 11 percent, and in Queen Anne’s County it fell by 9 percent.

Median sale prices varied in the Eastern Shore region in September when compared to the previous year, with Dorchester County seeing a 20 percent jump and Wicomico County seeing an 11 percent increase compared to the same month last year. In Worcester County, the median sale price rose by 7 percent and Caroline County experienced a 4 percent drop from the previous year. The median sale price in Queen Anne’s County fell by 5 percent, and in Talbot County it declined by 10 percent.

Active inventory decreased throughout the Eastern Shore region when compared to year-ago levels, according to September data. Queen Anne’s and Wicomico counties experienced declines of 26 percent and 25 percent, respectively, followed by Worcester County with a decline of 18 percent. In Caroline County, active inventory fell by 17 percent, and Talbot County experienced a 16 percent decline. In Dorchester County, active inventory decreased by 13 percent.

Within the region, homes are selling at a steady pace, according to September data. Caroline and Wicomico counties experienced the lowest average days on market (DOM) of 89 days, followed by Queen Anne’s County at 98 days. The rest of the region saw homes selling between 106 days to 126 days on average.

“September was a good month for the U.S. economy, which we saw reflected in increased retail sales and consumer spending, as well as job growth. The housing market, including in the Eastern Shore region, saw similar positive trends last month,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “In numerous parts of the country rent prices continue to rise, making homeownership increasingly attractive, especially with mortgage rates remaining historically low.”

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.