Number of Homes Sold Increased in Most of the Eastern Shore Market in July 2015

August 19, 2015

Market Minute LogoThe number of homes sold increased in much of Maryland’s Eastern Shore region in July, 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.

EasternShore MM July 2015

The Eastern Shore real estate market saw some positive trends in the number of homes sold in July. In Talbot County the number of homes sold increased by 53 percent, followed by a 37 percent jump in Worcester County and a 33 percent increase in Dorchester County. Queen Anne’s County experienced a 22 percent increase in the number of homes sold, and Wicomico County saw a 13 percent increase. In Caroline County the number of homes sold decreased by 16 percent.

The median sale price varied across the Eastern Shore region, with Dorchester County seeing a 21 percent increase and Worcester County seeing a 6 percent increase compared to the same month last year. In Caroline County the median sale price rose by 3 percent, followed by a 2 percent increase in Wicomico County. Other areas experienced declines from 27 percent to 31 percent.

Inventory decreased in the entire Eastern Shore region when compared to year-ago levels, according to July data. Worcester County experienced the largest drop at 14 percent, followed by Caroline County at 13 percent. Wicomico County saw active inventory decease by 9 percent, and both Dorchester and Queen Anne’s counties saw inventory decrease by 2 percent. In Talbot County, active inventory decreased by 1 percent.

In most areas of the region, homes are selling in three to five months on average, according to the July data. Wicomico County experienced an average days on market (DOM) of 89 days, followed by Queen Anne’s County at 112 days. The rest of the region saw homes selling between 115 to 133 days on average.

“The United States’ economy has been having a good summer, and the positivity we’ve been seeing in previous months continued in July. The real estate industry also reflected these trends, which was evident in the increase in the number of homes sold in the Eastern Shore region,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “We feel confident that we’ll continue to see improvements in the market, and look forward to what the end of summer and start of fall will bring.”

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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