Mar 201821

Parts of the Eastern Shore Real Estate Market Saw Median Sale Prices Rise in February

Mar 201821

Parts of the Eastern Shore Real Estate Market Saw Median Sale Prices Rise in February

Market Minute Logo 2017 smallA few areas of the Eastern Shore real estate market experienced rising median sale prices 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.

Eastern Shore Market Minute Chart February 2018

Compared to February 2017, the median sale price of homes in Caroline County jumped by 56 percent. In Worcester and Queen Anne’s counties, median sale prices rose by 19 percent and 8 percent, respectively. Dorchester County was the only area to see an increase in the number of homes sold last month with an increase of 55 percent.

“While we hoped to see the inventory declines ease a little bit in February, the significant volatility in the stock market created a cause for pause,” said Gary Scott, president of Long & Foster Real Estate. “That volatility will likely continue and although potential buyers may take a wait and see approach, we don’t think it will really change behavior.”

Active inventory declined by double digits throughout the Eastern Shore region in February. Caroline County experienced a 28 percent decrease in inventory, while both Queen Anne’s and Wicomico counties saw declines of 25 percent. Homes in the region are selling in about two to five months on average. Queen Anne’s County saw the lowest days on market average at 68 days.

There is a silver lining to the current market trends, Scott said. Inventory is low, prices are up in many places and, while interest rates are increasing, the increases aren’t at a level that is impacting affordability. That means it’s an excellent time to sell, he said.

“If selling your home is in the back of your mind, push it to the front of your mind,” Scott said. “The next 60 to 90 days will be an ideal time to sell a home. If your home is priced right, in good condition and in a good location, you’re going to sell your house.”

Scott said working with a Realtor can help sellers ensure they get the most out of the sale of their home. In its 2017 Profile of Home Buyers and Sellers, the National Association of Realtors found that homes listed for sale by owner sold for a median price of $190,000, while the median price of agent-assisted home sales was $250,000.

“The market is truly hyperlocal,” Scott said. “If there was ever a time that the public needed a trusted advisor and an expert who can help them navigate the market, it’s now. A professional can help ensure your home is priced correctly, gets maximum exposure and market demand, and can negotiate on your behalf.”

The Long & Foster Market Minute is an overview of market statistics based on residential real estate transactions for more than 500 local areas and neighborhoods and over 100 counties in eight states. The easy-to-read, easy-to-share reports include information about each area’s units sold, active inventory, median sale prices, list to sold price ratio, days on market and more.

Information included in this report is based on data supplied by Metropolitan Regional Information System and Coastal Association of Realtors and their member associations of Realtors, which are not responsible for its accuracy. The reports include residential real estate transactions within specific geographic regions, not just Long & Foster sales, and they do not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of MRIS, CAR or Long & Foster Real Estate.