Inventory Fell Throughout the Eastern Shore Real Estate Market in June

July 24, 2018

Market Minute Logo 2017 smallThe entire Eastern Shore region saw a decline in active inventory 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.

Eastern Shore MD Market Minute Chart June 2018

Active inventory levels decreased throughout the Eastern Shore real estate market in June when compared to the same month last year. In Caroline County, inventory fell by 30 percent, and Talbot County saw inventory fall by 19 percent. Homes in the region sold in about two to five months on average last month. Queen Anne’s County saw the shortest days on market at 58 days.

In June, the median sale price rose by 5 percent in Worcester County and it rose by 2 percent in Queen Anne’s County. Other areas experienced decreases of 2 percent to 10 percent. With the exception of one area, the number of homes sold declined in the Eastern Shore region. Worcester County experienced a 4 percent increase in the number of homes sold.

Gary Scott, president of Long & Foster Real Estate, said when it comes to the real estate market as a whole, consumers can expect the second half of this year to look much like the first half. Low inventory of homes will continue to make buying a challenge. However, he said he also sees opportunity on the horizon.

“When you think about household formations over the next three to five years, the demographics are our friend, not our foe,” Scott said. “The Boomers who own homes are going to need to sell their houses as they age, and the Millennials are going to start buying at a greater pace as they get married and start families. Millennials aren’t in the same hurry as previous generations to start a family and build wealth.”

In the meantime, the best thing that people navigating the current market can do is work with a real estate professional. Scott said consumers’ access to information and data, which can often be chaotic and incorrect, has heightened the need for professional advisors with total market knowledge.

“There are many real estate agents that are sales people who aren’t committed, aren’t professionally trained and aren’t prepared,” Scott said. “They’re not real estate professionals, who are trusted advisors that build solid relationships. It’s not hard to be a real estate agent, but it’s really hard to be a good one.”

The Long & Foster Market Minute is an overview of market statistics based on residential real estate transactions for more than 500 local areas and neighborhoods and over 100 counties in eight states. The easy-to-read, easy-to-share reports include information about each area’s units sold, active inventory, median sale prices, list to sold price ratio, days on market and more.

Information included in this report is based on data supplied by Metropolitan Regional Information System and Coastal Association of Realtors and their member associations of Realtors, which are not responsible for its accuracy. The reports include residential real estate transactions within specific geographic regions, not just Long & Foster sales, and they 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.