Sep 201821

Median Sale Prices Increased in Parts of the Eastern Shore Real Estate Market in August

Sep 201821

Median Sale Prices Increased in Parts of the Eastern Shore Real Estate Market in August

Market Minute Logo 2017 smallMany parts of the Eastern Shore real estate market saw an increase in median sale prices in August, according to the Long & Foster Market Minute reports. The Eastern Shore market includes Worcester, Wicomico, Dorchester, Queen Anne’s, Talbot and Caroline counties.

MDEasternShore MM Aug2018

The number of homes sold varied in the Eastern Shore real estate market in August, though a few areas saw significant increases. Home sales rose by 25 percent in Queen Anne’s County and by 18 percent in Caroline County. Many parts of the area also saw increases in median sale prices, including a 19 percent increase in Talbot County.

Active inventory fell throughout the Eastern Shore market last month. Caroline County experienced a 31 percent decrease, followed by Dorchester County with a 12 percent decrease. Days on market averages ranged from an average 53 days in Wicomico County to 121 days in Talbot County.

“While inventory is starting to improve nationwide and rising sale prices are slowing down, it’s still a sellers’ market, which means buyers need to be prepared,” said Gary Scott, president of Long & Foster Real Estate. “The need for a real estate professional is heightened more than ever.”

Although spring is traditionally seen as the best time of the year to buy or sell property, consumers shouldn’t let seasonality dictate behavior, Scott said.

“As mortgage rates continue to be attractive, it’s still a good time to sell,” Scott said. “And if you’re buying, don’t take yourself out of the market – you never know when the right property will come along.”

Scott said buyers in this market need to do three things: watch prices in the neighborhood where you plan to buy, watch for inventory coming on the market, and be pre-approved for a mortgage and ready to make an offer.

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.