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 May compared to the same month in 2013, according to The Long & Foster Market Minute reports. In May, 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 May increased in a number of counties along the Eastern Shore region. Dorchester County experienced a whopping 86 percent increase in the number of units sold, while Caroline County experienced a 35 percent increase. Wicomico County saw a 3 percent increase. Other counties experienced decreases of 4 percent to 35 percent.
According to May data, the median sale price increased some areas of Maryland’s Eastern Shore region. Caroline County experienced a 22 percent increase while Queen Anne’s County saw a 10 percent increase and Dorchester County saw a 6 percent increase. Wicomico County experienced a 23 percent decrease, Talbot County experienced a 21 percent decrease and Worcester County experienced a 7 percent decrease in median sale price.
Inventory throughout the Eastern Shore area varied, according to May data. Wicomico County saw a 12 percent decrease in inventory, while both Talbot and Worcester counties saw decreases of 1 percent. Dorchester experienced a 4 percent increase, followed by Queen Anne’s County at 7 percent and Caroline County with a 21 percent increase in active inventory.
In most areas of the region homes are selling in three to five months on average, according to the May data. Wicomico County experienced an average days on market (DOM) of 75 days, followed by Caroline County at 104 days. The rest of the region saw homes selling between 123 to 256 days, on average.
“Summer is fast approaching, yet across the Mid-Atlantic, the spring-selling season has yet to fully peak,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “While median sale prices rose in many areas last month, the number of sales declined when compared to May 2013. However, homes are selling quicker than this time last year and inventory is increasing. What we’re seeing is a steadying of the market, which will position the housing industry 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.