Aug 201721

Median Sale Prices Rose in Much of the Eastern Shore Market in July

Aug 201721

Median Sale Prices Rose in Much of the Eastern Shore Market in July

Market Minute Logo 2017Median sale prices increased in most areas of the Eastern Shore region in July, 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 Market Minute Chart July 2017

Most areas of the Eastern Shore region experienced increased median sale prices in July compared to year-ago levels. Queen Anne’s County saw a 17 percent increase and Caroline County saw a 9 percent increase. In Wicomico County, the median sale price rose by 8 percent, and Dorchester County experienced a 6 percent increase from the previous year. In Worcester County, there was a 2 percent increase from the previous year, and in Talbot County, the median sale price declined by 4 percent.

The number of homes sold increased in many parts of the Eastern Shore real estate market in July when compared to the previous year. Wicomico County experienced a 29 percent increase in the number of homes sold, and Caroline County experienced a 14 percent increase. Queen Anne’s County experienced a 7 percent increase in the number of homes sold, and in Worcester County, the number of homes sold rose by 5 percent. Talbot County experienced a 2 percent decrease in the number of homes sold, and Dorchester County experienced a 45 percent decrease.

Active inventory decreased throughout the Eastern Shore region when compared to last year, according to July data. Wicomico County saw active inventory decrease by 32 percent, and Worcester County experienced a 22 percent decrease in inventory. In Queen Anne’s County, active inventory declined by 21 percent. Active inventory fell by 18 percent in Caroline County, while it declined by 14 percent in Dorchester County. In Talbot County, active inventory decreased by 13 percent.

Talbot County headed up the region with the lowest average days on market (DOM) at 73 days, followed by Caroline County with a DOM average of 79 days. In Queen Anne’s County, the DOM average was 82 days, and in Wicomico County, homes sold in an average of 92 days. In Worcester County, the DOM average was 121 days, while Dorchester County experienced a DOM average of 124 days.

“While many feel optimistic about the U.S. economy as a whole, the issue of low inventory continues to curb the efforts of many who are in the market to buy a home, including homebuyers in the Eastern Shore region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “The good news is that new home construction has been gradually but steadily increasing, which should help provide some relief, and mortgage rates remain low as we head toward the end of summer.”

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.