The number of homes sold rose in many areas of Maryland’s Eastern Shore region in June, 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.
The number of homes sold increased in many parts of the Eastern Shore real estate market in June. Worcester County experienced a 17 percent jump in the number of homes sold, while Talbot County saw a 13 percent increase from the previous year. Dorchester County experienced an increase of 9 percent and in Wicomico County the number of homes sold rose by 4 percent. Queen Anne’s and Caroline counties experienced declines of 13 percent and 30 percent, respectively.
Median sale prices also increased in much of the Eastern Shore region in June, with Caroline County seeing a 26 percent increase and Talbot County seeing a 14 percent increase compared to the same month last year. In Wicomico County, the median sale price rose by 9 percent and Queen Anne’s County experienced a 7 percent increase from the previous year. The median sale price in Worcester County fell by 4 percent, and in Dorchester County it declined by 22 percent.
Inventory decreased throughout the Eastern Shore region when compared to year-ago levels, according to June data. Queen Anne’s County experienced the largest drop at 23 percent, followed by Wicomico County at 20 percent. Worcester and Caroline counties saw active inventory decease by 17 percent and 16 percent, respectively. In Dorchester County, active inventory fell by 13 percent and it fell by 9 percent in Talbot County.
Within the region, homes are selling in three to six months on average, according to June data. Wicomico County experienced the lowest average days on market (DOM) of 87 days, followed by both Caroline and Dorchester counties at 110 days and Talbot County at 112 days. The rest of the region saw homes selling between 120 to 170 days on average.
“We’re more than halfway through 2016, and this year has brought steady improvements to the real estate market across the Mid-Atlantic and Northeast, including in the Eastern Shore region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Between the low inventory of available homes and the decreased mortgage rates due to Brexit, this summer’s market has been brisk. We anticipate that the strong housing market will continue into the fall.”
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.