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 June compared to the same month in 2013, according to The Long & Foster Market Minute reports. In June, the number of homes sold increased in some areas 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 June increased in a number of counties along the Eastern Shore region. Talbot County experienced a large 34 percent increase in the number of units sold, while Dorchester County experienced a 33 percent increase. Caroline County saw a 24 percent increase, and Worcester County experienced an 8 percent increase. Queen Anne’s and Wicomico counties experienced decreases of 15 percent and 17 percent, respectively.
According to June data, the median sale price of homes held steady or decreased in Maryland’s Eastern Shore region. Queen Anne’s, Talbot and Wicomico counties all saw no change when compared to the previous year. Other areas of the region saw decreases of 15 percent to 23 percent.
Inventory in the Eastern Shore region increased in most areas, according to June data. Wicomico County saw a decrease of 10 percent, and other areas experienced increases from 1 percent to 11 percent.
In most areas of the region homes are selling in three to five months on average, according to the June data. Wicomico County experienced an average days on market (DOM) of 84 days, followed by Dorchester County at 94 days. The rest of the region saw homes selling between 122 to 132 days, on average.
“We’re now halfway through 2014, and this year has brought many positive developments like increasing sale prices and quick home sales,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “Overall, the market is stabilizing and that will help keep the industry healthy and ready for future growth.”
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 users can subscribe to free updates for the reports in which they’re interested.