The Maryland Eastern Shore region real estate market presented mixed results for the month of February, according to the Long & Foster Real Estate Market Minute report. Home sales rose by 56 percent in Caroline County, by 19 percent in Worcester County. Median sales prices were split within the region with Talbot County experiencing a 21 percent increase while two other areas saw a 10 percent increase. Active inventory declined everywhere except Queen Anne’s County, which saw an increase by 6 percent.
Lately, industry headlines have been suggesting that we are in a housing bubble, but Long & Foster Real Estate President Gary Scott doesn’t believe that’s the case.
“This real estate market looks nothing like the real estate bubble that we experienced in 2008,” Scott said. “In 2008, we had huge price appreciation, no inventory issues, higher interest rates and everybody could get a loan.”
“We do have inventory challenges, including in the Maryland Eastern Shore region, but the fact that rates have dipped again to the lowest they’ve been in a while, bodes well for the market,” said Scott. “There are those who say inventory is easing, but we try not to generalize, since the numbers vary according to market and type of home.”
When asked what people should keep in mind when looking for an agent, Scott noted that what the consumer really looks for today is results. “It’s not necessarily that the agent is a top producer, it’s more about results,” he said. “You want their resume in terms of getting the job done better than the market gets the job done.”
Scott said consumers should ask about certain key factors like the agent’s track record for average number of days on the market, the percentage of list to sale price and what percent of their listings sell without a price change. “It’s not necessarily about how much business the agent does, it’s about how well they do it,” said Scott.
Scott added that he is optimistic about the real estate market outlook. “People feel pretty good about the market,” Scott said. “Interest rates are down and consumer confidence is high – and both these factors continue to be our friend.”