The Eastern Shore of the Maryland real estate market, including Worcester, Wicomico, Dorchester, Queen Anne’s, Talbot and Caroline counties, experienced some positive trends in April compared to the same month in 2013, according to The Long & Foster Market Minute reports. In April, the number of homes sold increased in most parts of the Eastern Shore.
The Long & Foster Market Minute reports are compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales.
The number of homes sold in April increased in many counties along the Eastern Shore region. Caroline County experienced a 62 percent increase, while Dorchester County saw a 21 percent increase. Wicomico County followed with a 12 percent increase in the number of homes sold. Queen Anne’s and Worcester counties experienced increases of 6 percent and 5 percent, respectively. Talbot County saw the only decrease at 13 percent.
According to April data, the median sale price increased in two areas of Maryland’s Eastern Shore region. Talbot County experienced a 4 percent increase, and Worcester County experienced a 1 percent increase. Other areas saw decreases from 3 percent to 22 percent.
Inventory throughout the Eastern Shore area varied, according to April data. Wicomico County saw a 13 percent decrease in inventory, while both Talbot and Worcester counties saw decreases of 1 percent. Both Dorchester and Queen Anne’s counties saw increases of 9 percent, while Caroline County experienced a 16 percent increase in inventory.
Homes in the region are selling in about three to five months on average, according to the April data. Wicomico County experienced an average days on market (DOM) of 109 days, while Queen Anne’s and Talbot counties both saw an average DOM of 131 days. The rest of the region saw homes selling between 134 to 142 days, on average.
“The spring housing market is beginning to bounce back, and we’re seeing many positive trends happening in the real estate market in the Mid-Atlantic, including in the Eastern Shore region,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “In many places, median sale prices are increasing and homes are selling at a faster pace than in previous months. We anticipate these developments will continue, and we’ll see more great happenings in the real estate market throughout the spring.”
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.
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