The number of homes sold increased in most parts of Maryland’s Eastern Shore region in January, 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 January. Dorchester County experienced an 87 percent jump in the number of homes sold, while Queen Anne’s County saw a 63 percent increase from the previous year. In both Caroline and Talbot counties the number of homes sold rose by 11 percent and Worcester County experienced a 3 percent increase. The number of units sold decreased by 16 percent in Wicomico County.
The median sale price varied in the Eastern Shore region in January, with Talbot County seeing a 30 percent increase and Queen Anne’s County seeing a 17 percent increase compared to the same month last year. In Caroline County the median sale price rose by 13 percent. Worcester County experienced a 7 percent increase, and both Dorchester and Wicomico counties experienced decreases of 14 percent.
Inventory decreased in the Eastern Shore region when compared to year-ago levels, according to January data. Queen Anne’s County experienced the largest drop at 21 percent, followed by Worcester County at 18 percent. Caroline County saw active inventory decease by 17 percent and it fell by 13 percent in Wicomico County. In Dorchester County, active inventory fell by 12 percent, while it dipped by 4 percent in Talbot County.
Within the region, homes are selling in three to seven months on average, according to January data. Wicomico County experienced the lowest average days on market (DOM) of 89 days, followed by Caroline County at 96 days. The rest of the region saw homes selling between 111 to 201 days on average.
“So far this year, the overall economic fundamentals continue to support a strong housing market in the United States, though there have been short-term hurdles, including last month’s blizzard,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Affordability will likely remain high and mortgage rates are likely to stay steady or perhaps increase slightly this year, and we expect to see some good things happening in the Eastern Shore region real estate market for 2016.”
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.