Apr 201718

Home Sales Rose in the Eastern Shore Market in March 2017

Apr 201718

Home Sales Rose in the Eastern Shore Market in March 2017

Market Minute Logo 2017The number of homes sold rose in the Eastern Shore region in March, 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 Chart March2017

The number of homes sold increased in the Eastern Shore real estate market in March when compared to the previous year. Worcester County experienced a 66 percent increase in the number of homes sold, and Caroline County experienced a 52 percent increase. Queen Anne’s County experienced a 39 percent increase in the number of homes sold, and in Wicomico County, the number of homes sold rose by 28 percent. In Talbot County, the number of homes sold increased by 19 percent, and in Dorchester County the number of homes sold rose by 15 percent.

Much of the Eastern Shore region also experienced increased median sale prices in March compared to year-ago levels. Dorchester County saw a 63 percent jump and Caroline County saw a 56 percent increase. In Talbot County, the median sale price rose by 11 percent, and both Worcester and Queen Anne’s counties experienced a 4 percent increase from the previous year. The median sale price in Wicomico County fell by 13 percent.

Active inventory decreased throughout the Eastern Shore region when compared to year-ago levels, according to March data. Wicomico County saw active inventory decrease by 34 percent, and Queen Anne’s County experienced a 24 percent decline in inventory. Active inventory fell by 22 percent in Worcester County, while it declined by 20 percent in Dorchester County. In Talbot County, active inventory decreased by 12 percent and in Caroline County it decreased by 11 percent.

Wicomico County leads the region with the lowest average days on market (DOM) at 91 days, followed by Queen Anne’s County with a DOM average of 97 days. In Dorchester County, the DOM average was 110 days, and in Talbot County, homes sold in an average of 116 days. In Caroline and Worcester counties, the DOM averages were 123 days and 155 days, respectively.

“March was a great month at Long & Foster and we saw numerous positive indicators of growth in the real estate market, including in the Eastern Shore region where the number of homes sold increased,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “With spring in full swing and mortgage rates remaining low, more people are looking to buy and sell homes. We anticipate the season will continue to bring robust activity to the housing 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.