The number of homes sold on Maryland’s Eastern Shore increased in October, according to The Long & Foster Market Minute reports. The Eastern Shore market includes Worcester, Wicomico, Dorchester, Queen Anne’s, Talbot and Caroline counties.
The Long & Foster Market Minute reports are compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales.
In October, Dorchester County experienced a 42 percent leap in the number of units sold compared to the same month in 2013, followed by Talbot County with a 38 percent increase. Both Queen Anne’s and Wicomico counties saw 37 percent increases. Caroline County enjoyed a 28 percent increase, and Worcester County experienced an improvement of 16 percent.
According to October data, the median sale price of homes decreased in most of Maryland’s Eastern Shore region. Wicomico County saw no change compared to the prior year, while other areas experienced declines from 7 percent to 37 percent.
Inventory decreased in most of the Eastern Shore region when compared to year-ago levels, according to October data. Wicomico County saw a decrease of 12 percent and Dorchester County had an 8 percent decrease. Talbot County saw a 3 percent decrease and both Caroline and Worchester counties saw a 2 percent drop. Queen Anne’s County experienced the only inventory increase at 3 percent.
In most areas of the region, homes are selling in two to six months on average, according to the October data. Caroline County experienced an average days on market (DOM) of 75 days, followed by Wicomico County at 94 days. The rest of the region saw homes selling between 116 to 165 days on average.
“October brought modest improvements to 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. “In many areas we saw increases in the number of homes being sold, as well as some positive trends in the amount of inventory on the market. These are welcome signs for real estate in the region, and with continued improvements being made in the economy, we expect a smooth end to 2014.”
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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