Sale Prices Rose in Areas of the Eastern Shore Market in January 2017

February 17, 2017

Market Minute LogoMedian sale prices rose in parts of the Eastern Shore region in January, 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 based on data provided by Metropolitan Regional Information System and Coastal Association of Realtors and their member associations of Realtors and include residential real estate transactions within specific geographic regions, not just Long & Foster sales.

EasternShore MM Jan2017

Parts of the Eastern Shore region experienced increased median sale prices in January when compared to the previous year, Wicomico County saw a 21 percent jump and Worcester County saw a 7 percent increase. In Dorchester County, the median sale price rose by 4 percent, and Queen Anne’s County experienced a 1 percent decrease from the previous year. The median sale price in Talbot County fell by 2 percent, while it fell by 13 percent in Caroline County.

The number of homes sold varied in the Eastern Shore real estate market in January. Wicomico County experienced a 29 percent jump in the number of homes sold, and both Dorchester and Queen Anne’s counties experienced no year-over-year change. Worcester County experienced a 4 percent decrease in the number of homes sold. In Talbot County, the number of homes sold fell by 6 percent, and in Caroline County the number of homes sold fell by 31 percent.

Active inventory decreased throughout the Eastern Shore region when compared to year-ago levels, according to January data. Wicomico County saw active inventory fall by 30 percent, and Queen Anne’s County experienced a 25 percent decline in inventory. Active inventory fell by 19 percent in Talbot County, while it declined by 17 percent in Dorchester County. Active inventory levels fell by 16 percent in Caroline County and by 12 percent in Worcester County.

Wicomico County leads the region with the lowest average days on market (DOM) at 85 days, followed by Queen Anne’s County with a DOM average of 106 days. In Talbot County, the DOM average was 118 days, and in Caroline County, homes sold in an average of 159 days. In Dorchester and Worcester counties, the DOM averages were 164 days and 167 days, respectively.

“Though we’re still in the real estate market’s slow winter season, the United States economy continued to see improvements in January, and we saw positive trends happening in housing too, including in the Eastern Shore region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Low inventory continues to cause frustration for many, but is helping to push up sale prices for those selling homes. We’re looking forward to a healthy 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.

The Long & Foster Market Minute reports are available at www.LongandFoster.com, and you can subscribe to free updates for the reports in which you’re interested. Information included in this report is based on data supplied by MRIS and CAR, which is not responsible for its accuracy. The reports 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.