Number of Homes Sold Increases in Some Areas of the Eastern Shore in February 2014

March 31, 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 February compared to the same month in 2013, according to The Long & Foster Market Minute reports. In February, the number of homes sold and the median sale price increased in several parts 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.

Feb. 2014 Market Minute Chart

The number of homes sold in February increased in some counties along the Eastern Shore region. Wicomico County experienced an increase of 43 percent, while Caroline County saw a 20 percent increase and Talbot County saw an 8 percent increase. Dorchester County experienced no change in the number of homes sold. Other areas saw decreases of 5 percent to 26 percent.

According to February data, the median sale price varied throughout Maryland’s Eastern Shore region. Dorchester County experienced an 84 percent increase, followed by Talbot County with a 32 percent increase. Worcester County saw an 11 percent increase in median sale price. Queen Anne’s County experienced a 1 percent decrease in median sale price, while Wicomico and Caroline counties saw decreases of 11 percent and 36 percent, respectively.

Inventory throughout the Eastern Shore area also varied, according to February data. Wicomico and Worcester counties saw decreases of 17 percent and 1 percent, respectively. Dorchester County saw a 1 percent increase and Talbot County saw a 2 percent increase in inventory. Queen Anne’s County experienced a 4 percent increase in active inventory, while Caroline County saw the largest increase at 17 percent.

Homes in the region are selling in about three to eight months on average, according to the February data. Queen Anne’s County experienced an average days on market (DOM) of 77 days, while Dorchester County saw an average DOM of 99 days. The rest of the region saw homes selling between 111 to 228 days, on average.

“February continued in much of the same pattern as January as a result of the continued winter weather, but we’re seeing more positive trends happening in the real estate market, including in the Eastern Shore region,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “Many areas have been enjoying increases in the median sale price and the number of homes sold, and going into spring, we anticipate a stronger and more vibrant 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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