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

July 21, 2015

Market Minute LogoThe number of homes sold increased in much of Maryland’s Eastern Shore region in June, 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 June 2015

 

The Eastern Shore real estate market saw some positive trends in the number of homes sold in June. In Wicomico County the number of homes sold increased by 78 percent, followed by a 70 percent jump in Queen Anne’s County and a 28 percent increase in Caroline County. Dorchester County experienced a 9 percent increase in the number of homes sold, and Worcester County saw a 7 percent increase. In Talbot County the number of homes sold decreased by 10 percent.

The median sale price varied across the Eastern Shore region, with Dorchester County seeing a 46 percent increase and Caroline County seeing a 25 percent increase compared to the same month last year. In Worcester County the median sale price rose by 16 percent, followed by a 2 percent increase in Wicomico County. Other areas experienced declines from 2 percent to 14 percent.

Inventory decreased in the Eastern Shore region when compared to year-ago levels, according to June data. Both Caroline and Worcester counties saw decreases of 14 percent, followed by a 10 percent drop in Wicomico County. Active inventory in Dorchester County decreased by 5 percent, and decreased by 3 percent in both Queen Anne’s and Talbot counties.

In most areas of the region, homes are selling in three to six months on average, according to the June data. Wicomico County experienced an average days on market (DOM) of 98 days, followed by Queen Anne’s County at 101 days. The rest of the region saw homes selling between 107 to 168 days on average.

“The United States’ economy has been doing well this year, and as of June, consumer confidence has remained up 16 percent over last year. This positivity has shown in the real estate market, including in the Eastern Shore region, where we saw more homes sold this June,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “Many industry experts are predicting rising interest rates in the fall, and I’m optimistic that the second half of 2015 will bring more improvements.”

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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