Oct 201421

Number of Homes Sold Increased in Much of the Eastern Shore in September 2014

Oct 201421

Number of Homes Sold Increased in Much of the Eastern Shore in September 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 September 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 few 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 Sept 2014

The number of homes sold in September increased in most counties along the Eastern Shore region when compared to the same month in 2013. Caroline County experienced a large 154 percent spike in the number of units sold, while Dorchester County had an 88 percent jump. Talbot County saw a 12 percent increase, and Worcester County experienced an 8 percent improvement. Wicomico County saw a 5 percent increase in the number of units sold, while Queen Anne’s County saw no change compared to the prior year.

According to September data, the median sale price of homes increased in some parts of Maryland’s Eastern Shore region. Talbot and Worcester counties experienced increases of 29 percent and 14 percent, respectively. The median sale price rose by 10 percent in Wicomico County. Other areas experienced decreases ranging from 7 percent to 17 percent.

Inventory in the Eastern Shore region varied when compared to year-ago levels, according to September data. Wicomico County saw a decrease of 8 percent and Talbot County had a 5 percent decrease. Dorchester County saw a 3 percent decrease and Worcester County saw a 1 percent drop. Caroline County experienced a 3 percent increase, and Queen Anne’s County experienced an increase of 7 percent.

In most areas of the region homes are selling in three to five months on average, according to the September data. Caroline County experienced an average days on market (DOM) of 69 days, followed by Wicomico County at 101 days. The rest of the region saw homes selling between 112 to 150 days on average.

“September brought good news to many areas of the Mid-Atlantic real estate market, including in the Eastern Shore region,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “More homes are being sold and median sale prices have risen in a number of areas as well. Growing inventory means homebuyers have more options to choose from, and we anticipate more improvements in the months ahead.”

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.