Number of Homes Sold Increased in Much of the Eastern Shore Market in April 2015

May 22, 2015

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

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The Eastern Shore real estate market saw some positive trends in the number of homes sold in April. In Dorchester County the number of homes sold increased by 34 percent, followed by an 18 percent jump in Talbot County and a 13 percent increase in Queen Anne’s County. Worcester County experienced a 6 percent increase in the number of homes sold, and Caroline County saw a 3 percent increase. In Wicomico County the number of homes sold decreased by 6 percent.

The median sale price varied across the Eastern Shore region, with Caroline County seeing a 24 percent increase and Wicomico County seeing a 5 percent increase compared to the same month last year. In Worcester County the median sale price rose by 4 percent, followed by a 3 percent increase in Queen Anne’s County. Other areas experienced declines from 5 percent to 17 percent.

Inventory decreased in much of the Eastern Shore region when compared to year-ago levels, according to April data. Caroline County saw a decrease of 13 percent and Dorchester County had an 11 percent drop. Active inventory in both Wicomico and Worcester counties dropped by 10 percent, and Talbot County saw no change in inventory. Queen Anne’s County experienced an increase of 4 percent.

In most areas of the region, homes are selling in three to six months on average, according to the April data. Caroline County experienced an average days on market (DOM) of 91 days, followed by Queen Anne’s County at 96 days. The rest of the region saw homes selling between 102 to 164 days on average.

“April showed us that there are some great things happening in the Mid-Atlantic and Northeast real estate market, including in the Eastern Shore region where we saw an increased number of homes sold,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “The conditions of the real estate market in many areas of the country are providing excellent opportunities for both buyers and sellers, and we’re pleased to see a nice robust spring 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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