Home Sales Rose in Much of the Eastern Shore Market in June

July 17, 2017

Market Minute Logo 2017The number of homes sold increased in most areas of the Eastern Shore region in June, 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.

Eastern Shore Chart June 2017

The number of homes sold increased in much of the Eastern Shore real estate market in June when compared to the previous year. Talbot County experienced a 54 percent increase in the number of homes sold, and Dorchester County experienced a 50 percent increase. Caroline County experienced a 40 percent increase in the number of homes sold, and in Queen Anne’s County, the number of homes sold rose by 7 percent. Wicomico County experienced a 2 percent increase in the number of homes sold, and Worcester County experienced a 2 percent decrease.

Areas of the Eastern Shore region experienced increased median sale prices in June compared to year-ago levels. Dorchester County saw a 42 percent increase and Talbot County saw a 14 percent increase. In Worcester County, the median sale price rose by 9 percent, and Queen Anne’s County experienced a 1 percent increase from the previous year. In Wicomico County, there was no change from the previous year, and in Caroline County, the median sale price declined by 2 percent.

Active inventory decreased throughout the Eastern Shore region when compared to last year, according to June data. Wicomico County saw active inventory decrease by 33 percent, and both Queen Anne’s and Worcester counties experienced a 23 percent decline in inventory. Active inventory fell by 22 percent in Caroline County, while it declined by 18 percent in Dorchester County. In Talbot County, active inventory decreased by 12 percent.

Wicomico County headed up the region with the lowest average days on market (DOM) at 71 days, followed by Talbot County with a DOM average of 78 days. In Caroline County, the DOM average was 83 days, and in Queen Anne’s County, homes sold in an average of 85 days. In Dorchester County, the DOM average was 121 days, while Worcester County experienced a DOM average of 145 days.

“Job growth surged in the U.S. in June, and we continued to see positive signs of growth in the real estate industry as well. Despite low inventory, many areas of the Mid-Atlantic and Northeast saw rising median sale prices, an increase in home sales or both, including in the Eastern Shore region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “After a hectic spring season, we look forward to what the end of summer and start of fall will bring.”

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.