Number of Homes Sold Increased in Many Areas of the Eastern Shore in August 2014

September 19, 2014

Market Minute LogoThe Eastern Shore of the Maryland real estate market, including Worcester, Wicomico, Dorchester, Queen Anne’s, Talbot and Caroline counties, experienced some positive trends in August compared to the same month in 2013, according to The Long & Foster Market Minute reports. Last month, many areas along the Eastern Shore saw an increase in the number of units sold and a couple counties enjoyed higher median sale prices.

The Long & Foster Market Minute reports are compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales.

EasternShore MM Chart 0914

The number of homes sold in August increased in a number of counties along the Eastern Shore region. Caroline County experienced a large 58 percent spike in the number of units sold, while Talbot County had a 39 percent jump. Wicomico County saw a 21 percent increase, and Queen Anne’s County experienced an 11 percent improvement. Worcester County saw a 1 percent increase in the number of units sold, while Dorchester County saw the only decline at 6 percent.

According to August data, the median sale price of homes increased in some parts of Maryland’s Eastern Shore region. Caroline and Talbot counties experienced increases of 37 percent and 6 percent, respectively. Wicomico County saw a decline of 1 percent, while Dorchester County dropped by 7 percent. Other areas experienced decreases ranging from 8 percent to 11 percent.

Inventory in the Eastern Shore region varied when compared to year-ago levels, according to August data. Talbot County saw a decrease of 10 percent and Wicomico County had an 8 percent decrease. Dorchester County saw a 5 percent decrease. Caroline County experienced a 1 percent increase, and Worcester and Queen Anne’s counties experienced increases of 2 percent and 4 percent, respectively.

In most areas of the region homes are selling in three to five months on average, according to the August data. Caroline County experienced an average days on market (DOM) of 103 days, followed by Queen Anne’s County at 110 days. The rest of the region saw homes selling between 126 to 154 days on average.

“In many areas across the Mid-Atlantic and Northeast, we’re seeing increased inventory, which means more options for those looking to purchase a home,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “Median sale prices have also remained strong, and we’re seeing homes moving off the market at a fairly steady pace. Overall, the real estate market is in a healthy place for continued improvement.”

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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