Although the median sale prices increased in most of the Maryland Eastern Shore real estate market in March, home sales shrank, according to Long & Foster Real Estate’s Market Minute report. In Wicomico County, the median sale price rose by 28%, followed by a 25% increase in Talbot County and a 22% increase in Caroline County. The number of homes sold fell in nearly the entire region, with decreases ranging from 6% to 41%, and Queen Anne’s County remaining unchanged.
“When looking at March’s sales numbers for Maryland Eastern Shore, it was not a good month,” said Gary Scott, Long & Foster Real Estate president, “however everybody’s in the same place. January was bad, February was good and March was bad.”
While the current numbers do not indicate a positive market Scott remains confident, saying “I believe April will be off the grid.” He remarked that the spring market is historically not set on a certain date and its start is dependent on a myriad of factors, including weather, inventory and interest rates. Though the first three months of the year were not great, Scott predicts that April will yield positive results.
Based off the market’s current economic conditions, such as the low interest rate and high home affordability index, Scott said, “I believe the spring market is just lagging, and that in April it will become fully activated.”
For sellers looking to get their home on the market, Scott addressed some items that will be important for them to note. “Firstly, sellers need to go to market in the best way they can – they had better declutter, stage and prepare,” he said.
“Secondly, with pricing and inventory being geographically specific, sellers need to engage with a real estate professional,” he said. Scott stressed the importance of knowing the market conditions both where the seller is currently located and where they plan to go.
Lastly, sellers need a good sense of where they’re going. With the market being the way it is, sellers need to be prepared to have an interim move. Scott said, “There’s no guarantee that the house you want is going to be ready when the house you sell is ready.” Sellers need to be prepared for situations where it’s possible that both of their transactions don’t quite line up.