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

April 23, 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 March compared to the same month in 2013, according to The Long & Foster Market Minute reports. In March, 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.

March 2014 Market Minute Chart

The number of homes sold in March increased in some counties along the Eastern Shore region. Talbot County experienced an increase of 15 percent, while Caroline County saw a 4 percent increase and Wicomico County saw a 3 percent increase. Other areas saw decreases of 5 percent to 28 percent.

According to March data, the median sale price varied throughout Maryland’s Eastern Shore region. Caroline County experienced a 6 percent increase, followed by Dorchester County with a 2 percent increase. Worcester County saw a 2 percent decrease in median sale price. Talbot County experienced a 3 percent decrease in median sale price, while Queen Anne’s and Wicomico counties saw decreases of 8 percent and 25 percent, respectively.

Inventory throughout the Eastern Shore area also varied, according to March data. Wicomico and Worcester counties saw decreases of 15 percent and 1 percent, respectively. Talbot County saw a 1 percent increase and Queen Anne’s County saw a 3 percent increase in inventory. Dorchester County experienced an 8 percent increase in active inventory, while Caroline County saw a 9 percent increase.

Homes in the region are selling in about five to eight months on average, according to the March data. Queen Anne’s County experienced an average days on market (DOM) of 96 days, while Dorchester County saw an average DOM of 131 days. The rest of the region saw homes selling between 135 to 212 days, on average.

“Though the housing market got a slow start this year after a harsh winter, we’re beginning to see some 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. “In many places, we’re seeing homes selling quickly and increasing in median sale price. Now that the temperatures are heating up, we expect to see many continued improvements in the 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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