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 January compared to the same month in 2013, according to The Long & Foster Market Minute® reports. In January, the number of homes sold increased in many parts of the Eastern Shore, and the median sale price rose in several areas as well. 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 January increased in many counties in the Eastern Shore region. Caroline County experienced an increase of 81 percent, while Talbot County saw a 48 percent increase and Wicomico County saw a 32 percent increase. Queen Anne’s County experienced a 25 percent increase in the number of homes sold. Dorchester County experienced an 11 percent increase, while Worcester County saw the only decrease of 5 percent.
According to January data, median sale prices increased in much of Maryland’s Eastern Shore region. Caroline County experienced a 29 percent increase, followed by Talbot County with a 23 percent increase. Queen Anne’s County saw a 14 percent increase in median sale price, and Dorchester County saw an increase of 5 percent. Wicomico and Worcester counties experienced decreases of 7 percent and 9 percent, respectively.
Inventory throughout the Eastern Shore area varied, according to January data. Wicomico and Worcester counties saw decreases of 16 percent and 5 percent, respectively. Dorchester and Talbot counties both saw 4 percent increases in active inventory. Queen Anne’s County experienced a 7 percent increase, followed by Caroline County with a 9 percent increase in active inventory.
Homes in the region are selling in about four to seven months on average, according to the January data. Queen Anne’s County experienced an average days on market (DOM) of 115 days, while Caroline County saw an average DOM of 134 days. The rest of the region saw homes selling between 158 to 204 days, on average.
“January’s cold weather and winter storms had an impact on the beginning of the 2014 real estate market, but we’re seeing encouraging trends along the East Coast, including in the Eastern Shore region,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “Positive signs include continued increases in both the number of homes sold and median sale prices. With many people holding off on home searches in the cold weather, we anticipate a robust spring market.”
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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