Sale Prices Rose in Much of the Eastern Shore Market in December 2016

January 17, 2017

Market Minute LogoMedian sale prices rose in nearly the entire Eastern Shore region in December, 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 MarketMinute Chart Dec2016

The number of homes sold rose in many parts of the Eastern Shore region in December when compared to the previous year, with both Caroline and Wicomico counties seeing a 17 percent jump and Talbot County seeing a 14 percent increase. In Worcester County, the number of homes sold rose by 12 percent, and Dorchester County experienced a 2 percent increase from the previous year. The number of homes sold in Queen Anne’s County fell by 1 percent.

Median sale prices varied in the Eastern Shore real estate market in December. Caroline County experienced a 23 percent jump in median sale price, followed by Queen Anne’s County with a 22 percent increase from the previous year. Dorchester County experienced a 7 percent increase in median sale price. In Talbot County, the median sale price fell by 1 percent, and in Worcester and Wicomico counties it fell by 7 percent and 14 percent, respectively.

Active inventory decreased throughout the Eastern Shore region when compared to year-ago levels, according to December data. Wicomico County saw active inventory fall by 29 percent, and Queen Anne’s County experienced a 26 percent decline in inventory. Active inventory fell by 19 percent in Caroline County, while it declined by 17 percent in Talbot County. Active inventory levels fell by 16 percent in Dorchester County and by 15 percent in Worcester County.

Wicomico County leads the region with the lowest average days on market (DOM) at 95 days, followed by Queen Anne’s County with a DOM average of 112 days. In Dorchester County, the DOM average was 119 days, and in Caroline County, homes sold in an average of 128 days. In Talbot and Worcester counties, the DOM averages were 133 days and 149 days, respectively.

“The positive trends we’ve been seeing in the U.S. economy continued in December, and though the real estate market is in its typical winter slowdown we still saw some good things happening, including in the Eastern Shore region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “We anticipate a strong 2017 real estate market where buyers will be able to take advantage of a number of factors like better FHA loan terms and mortgage rates ranging from 4-5 percent.”

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.