Much of the Eastern Shore Market Sees More Homes Sold in October 2015

November 16, 2015

Market Minute LogoThe number of homes sold increased in many parts of Maryland’s Eastern Shore region in October, 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 Oct15 chart

The Eastern Shore real estate market saw some positive trends in the number of homes sold in October. In Dorchester County the number of homes sold increased by 44 percent, followed by a 27 percent jump in Wicomico County and an 18 percent increase in Worcester County. Talbot County experienced an 8 percent increase in the number of homes sold, and Queen Anne’s County saw a 5 percent increase. In Caroline County the number of homes sold decreased by 21 percent.

The median sale price varied across the Eastern Shore region, with Caroline County seeing a 45 percent jump and Talbot County seeing a 19 percent increase compared to the same month last year. In Queen Anne’s County the median sale price rose by 6 percent. Worcester County experienced no change, while other areas experienced declines from 8 percent to 21 percent.

Inventory decreased in the Eastern Shore region when compared to year-ago levels, according to October data. Worcester County experienced the largest drop at 16 percent, followed by Caroline County at 10 percent. Queen Anne’s County saw active inventory decease by 8 percent and Dorchester, Talbot and Wicomico counties all saw 4 percent declines.

In most areas of the region, homes are selling in four to five months on average, according to the October data. Dorchester County experienced the lowest average days on market (DOM) of 114 days, followed by Wicomico County at 116 days. The rest of the region saw homes selling between 118 to 154 days on average.

“Consumer confidence increased once again in October and the labor market’s performing well ”“ both of which are good news for the economy,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “At Long & Foster, business remained steady, including in the Eastern Shore region where we saw improvements in the number of homes sold. We predict to see continued stability in housing as 2015 comes to a close.”

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.