The number of homes sold increased in Maryland’s Eastern Shore region in May, 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.
The Eastern Shore real estate market saw some positive trends in the number of homes sold in May. In Queen Anne’s County the number of homes sold increased by 40 percent, followed by a 31 percent jump in Wicomico County and a 23 percent increase in Worcester County. Talbot County experienced a 20 percent increase in the number of homes sold, and Caroline County saw a 14 percent increase. In Dorchester County the number of homes sold increased by 12 percent.
The median sale price varied across the Eastern Shore region, with Talbot County seeing a 31 percent increase and Wicomico County seeing a 17 percent increase compared to the same month last year. In Worcester County the median sale price rose by 3 percent, followed by a 9 percent decrease in Queen Anne’s County. Other areas experienced declines from 17 percent to 34 percent.
Inventory decreased in much of the Eastern Shore region when compared to year-ago levels, according to May data. Caroline County saw a decrease of 17 percent and Worcester County had an 11 percent drop. Active inventory in Wicomico County decreased by 9 percent, and decreased by 6 percent in Dorchester County. Talbot County experienced no change year-over-year, and Queen Anne’s County saw a 2 percent increase in active inventory.
In most areas of the region, homes are selling in three to six months on average, according to the May data. Wicomico County experienced an average days on market (DOM) of 90 days, followed by Caroline County at 115 days. The rest of the region saw homes selling between 136 to 181 days on average.
“Across the Mid-Atlantic and Northeast, real estate did well during the month of May 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 markets this year have been much healthier overall and we saw higher than predicted retail sales, a year-over-year boost in customer confidence, and a slight uptick in new jobs. We’re confident these positive trends will continue through the summer.”
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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