Much of Eastern Shore Market Sees Increased Homes Sold in December 2015

January 19, 2016

Market Minute LogoThe number of homes sold increased in many parts of Maryland’s Eastern Shore region in December, 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 MM Dec15 chart

The number of homes sold increased in many parts of the Eastern Shore real estate market in December. Worcester County experienced a 20 percent increase in the number of homes sold, while Talbot County saw a 12 percent increase from the previous year. In Dorchester and Queen Anne’s counties the number of homes sold rose by 10 percent and 3 percent, respectively. The number of units sold decreased by 19 percent in Caroline County and by 24 percent in Wicomico County.

The median sale price increased in a number of areas of the Eastern Shore region, with Wicomico County seeing a 14 percent increase and Caroline County seeing a 9 percent increase compared to the same month last year. In Dorchester County the median sale price rose by 7 percent. Talbot County experienced a 5 percent increase, and Worcester County experienced a 2 percent decrease. In Queen Anne’s County the median sale price decreased by 12 percent.

Inventory decreased in most of the Eastern Shore region when compared to year-ago levels, according to December data. Worcester County experienced the largest drop at 18 percent, followed by Queen Anne’s County at 17 percent. Caroline County saw active inventory decease by 15 percent and it fell by 12 percent in Dorchester County. In Wicomico County, active inventory fell by 8 percent, while it increased by 1 percent in Talbot County.

In most areas of the region, homes are selling in four to six months on average, according to December data. Dorchester County experienced the lowest average days on market (DOM) of 119 days, followed by Wicomico County at 124 days. The rest of the region saw homes selling between 146 to 170 days on average.

“In December, the recent economic trends we’ve been seeing in the United States’ economy continued as more jobs were added and wages increased. Additionally, according to the Associated Press, new home sales jumped almost 15 percent in 2015,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “We saw additional positive trends happening within Long & Foster’s footprint, including in parts of the Eastern Shore region where we saw increases in home sales. We look forward to what the 2016 market brings us.”

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, Inc.