Number of Homes Sold Increased in Much of the Eastern Shore in February 2015

March 20, 2015

Market Minute LogoThe number of homes sold increased in many areas of Maryland’s Eastern Shore region in February, 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.

Eastern Shore Feb 2015

 

Much of the Eastern Shore real estate market saw some positive trends in the number of homes sold in February. In Dorchester County the number of homes sold increased by a staggering 118 percent, followed by a 52 percent jump in Queen Anne’s County and a 50 percent increase in Caroline County. Worchester County experienced a 38 percent increase in the number of homes sold, and Talbot County saw a 26 percent increase. In Wicomico County the number of homes sold decreased by 24 percent.

Inventory decreased in most of the Eastern Shore region when compared to year-ago levels, according to February data. Caroline County saw a decrease of 14 percent and Worcester County had a 10 percent drop. Active inventory in Wicomico County dropped by 8 percent, while both Dorchester and Talbot counties experienced inventory decreases of 5 percent. Queen Anne’s County saw a 7 percent increase in active inventory.

The median sale price varied across the Eastern Shore region, with Caroline County seeing an 8 percent increase and Wicomico County seeing a 7 percent increase compared to the same month last year. In Queen Anne’s County the median sale price dipped by 3 percent, while other areas experienced declines from 5 percent to 52 percent.

In most areas of the region, homes are selling in four to six months or less on average, according to the February data. Wicomico County experienced an average days on market (DOM) of 89 days, followed by Caroline County at 103 days. The rest of the region saw homes selling between 123 to 169 days on average.

“During the month of February, we saw some improvements being made in the Mid-Atlantic and Northeast real estate market, including in the Eastern Shore region, with areas seeing rising numbers of homes sold,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “These improvements, along with positive trends in the economy, indicate optimism in the economy and where it’s headed. We’re looking forward to seeing good things happen in the real estate market this spring.”

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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