Jun 201716

Median Sale Prices Rose in Parts of the Eastern Shore Market in May 2017

Jun 201716

Median Sale Prices Rose in Parts of the Eastern Shore Market in May 2017

Market Minute Logo 2017Median sale prices increased in parts of the Eastern Shore region in May, 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.

EasternShore Chart May 2017

Areas of the Eastern Shore region experienced increased median sale prices in May compared to year-ago levels. Dorchester County saw a 44 percent increase and Queen Anne’s County saw a 25 percent increase. In Wicomico County, the median sale price rose by 9 percent, and Worcester County experienced an 8 percent increase from the previous year. The median sale price of homes in Talbot and Caroline counties declined by 8 percent and by 26 percent, respectively.

The number of homes sold increased in areas of the Eastern Shore real estate market in May when compared to the previous year. Talbot County experienced a 40 percent increase in the number of homes sold, and Worcester County experienced a 25 percent increase. Wicomico County experienced a 24 percent increase in the number of homes sold, and in Queen Anne’s County, the number of homes sold declined by 9 percent. In both Caroline and Dorchester counties, the number of homes sold decreased by 27 percent.

Active inventory decreased throughout the Eastern Shore region when compared to last year, according to May data. Wicomico County saw active inventory decrease by 34 percent, and both Worcester and Queen Anne’s counties experienced a 21 percent decline in inventory. Active inventory fell by 20 percent in Dorchester County, while it declined by 15 percent in Caroline County. In Talbot County, active inventory decreased by 14 percent.

Caroline County leads the region with the lowest average days on market (DOM) at 81 days, followed by Dorchester and Wicomico counties with a DOM average of 92 days. In Queen Anne’s County, the DOM average was 97 days, and in Talbot County, homes sold in an average of 111 days. In Worcester County, the DOM average was 138 days.

“Last month, the unemployment rate in the U.S. hit its lowest level in 16 years and wages continued to increase. Even though sparse inventory continues to cause frustration in the real estate market, many areas still saw rising home sales and prices last month, including parts of the Eastern Shore region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “This spring has been a busy one for our agents as they’ve expertly worked to guide buyers in finding a home, and we look forward to a healthy summer market.”

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.