Feb 201518

Inventory Declines in Much of the Eastern Shore in January 2015

Feb 201518

Inventory Declines in Much of the Eastern Shore in January 2015

Market Minute LogoInventory decreased in many areas of Maryland’s Eastern Shore region in January, according to The Long & Foster Market Minute reports. Some areas of the Eastern Shore market, which includes Worcester, Wicomico, Dorchester, Queen Anne’s, Talbot and Caroline counties, also saw increases in the number of homes sold. The Long & Foster Market Minute reports are compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales.

EasternShore January2015

 

Though numbers varied around the region, the Eastern Shore real estate market saw some positive trends in the number of homes sold in January. Worcester County, for example, enjoyed a 48 percent increase in the number of units sold. That number rose by 35 percent in Talbot County, while other areas experienced decreases from 3 percent to 29 percent.

Inventory decreased in most of the Eastern Shore region when compared to year-ago levels, according to January data. Wicomico County saw a decrease of 10 percent and Worcester County had a 9 percent drop. Inventory in Caroline and Talbot counties dropped by 8 percent and 5 percent, respectively. Dorchester County saw inventory decrease by 4 percent, while Queen Anne’s County experienced a 6 percent rise in inventory.

The median sale price varied across the Eastern Shore region, with Dorchester County seeing an 11 percent increase and Worcester County seeing no change compared to the same month last year. In Wicomico County the median sale price dipped by 4 percent, while other areas experienced declines from 6 percent to 34 percent.

In most areas of the region, homes are selling in four to six months or less on average, according to the January data. Caroline County experienced an average days on market (DOM) of 108 days, followed by Wicomico County at 114 days. The rest of the region saw homes selling between 130 to 166 days on average.

“In January, we saw some positive trends happening in the Mid-Atlantic and Northeast real estate market, including in the Eastern Shore region, with many areas seeing decreases in active inventory and some areas seeing growing numbers of homes sold,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “These are some good developments in the world of real estate, and we’re expecting to see a healthy spring market in 2015.”

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 users can subscribe to free updates for the reports in which they’re interested.