Aug 201622

Much of Eastern Shore Market Saw Median Sale Price Rise in July 2016

Aug 201622

Much of Eastern Shore Market Saw Median Sale Price Rise in July 2016

Market Minute LogoMedian sale prices rose in many areas of Maryland’s 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.

EasternShoreMM July2016 chart

Median sale prices increased in much of the Eastern Shore region in July when compared to the previous year, with Talbot County seeing a 33 percent jump and Queen Anne’s County seeing a 13 percent increase compared to the same month last year. In Caroline County, the median sale price rose by 6 percent and Worcester County experienced a 4 percent increase from the previous year. The median sale price in Dorchester County increased by 3 percent, and in Wicomico County it declined by 2 percent.

The number of homes sold varied in the Eastern Shore real estate market in July. Dorchester County experienced a 30 percent increase in the number of homes sold, while Worcester County saw a 7 percent increase from the previous year. Both Caroline and Queen Anne’s counties experienced a 5 percent decline in the number of homes sold, and Talbot and Wicomico counties saw decreases of 7 percent and 9 percent, respectively.

Inventory decreased throughout the Eastern Shore region when compared to year-ago levels, according to July data. Queen Anne’s County experienced the largest drop at 26 percent, followed by Caroline County at 22 percent. Wicomico and Worcester counties saw active inventory decease by 21 percent and 18 percent, respectively. In Dorchester County, active inventory fell by 16 percent and it fell by 9 percent in Talbot County.

Within the region, homes are selling in three to five months on average, according to July data. Caroline County experienced the lowest average days on market (DOM) of 87 days, followed by Queen Anne’s County at 99 days and Dorchester County at 109 days. In Wicomico County, the DOM average was 117 days, while the rest of the region saw homes selling between 134 days to 146 days on average.

“July brought both good and not-so-good news to the U.S. economy, with the job market remaining strong and retail sales staying flat for the month. Similarly in real estate, home sales slowed in many areas, while median sale prices increased, including in much of the Eastern Shore region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “As the summer comes to a close, we anticipate that the housing market will remain healthy heading into the autumn season.”

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.