The Long & Foster Market Minute

Focus On: Eastern Shore Maryland Housing Market November 2017

Units Sold
968
Active Inventory
6,117
Median Sale Price
$240,500
Days On Market
107
Small Units Sold Small Active Inventory Small Median Sale Price Small Days on Market
Up 12%
Vs. Year Ago
Down -19%
Vs. Year Ago
Up 6%
Vs. Year Ago
Down -13%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in November, with 968 sold this month in Eastern Shore Maryland Real Estate versus 1,087 last month, a decrease of 11%. This month's total units sold was higher than at this time last year, an increase of 12% versus November 2016.

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Active Inventory
Versus last year, the total number of homes available this month is lower by 1,428 units or 19%. The total number of active inventory this November was 6,117 compared to 7,545 in November 2016. This month's total of 6,117 is lower than the previous month's total supply of available inventory of 6,562, a decrease of 7%.

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Median Sale Price
Last November, the median sale price for Eastern Shore Maryland Homes was $226,500. This November, the median sale price was $240,500, an increase of 6% or $14,000 compared to last year. The current median sold price is 8% lower than in October.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.

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New Listings
1,119
Current Contracts
953
Sold Vs. List Price
96.6%
Months of Supply
6.3
Small New Listings Small Current Contracts Small Sold vs. List Price Small Months of Supply
Up 12%
Vs. Year Ago
Up 17%
Vs. Year Ago
No Change
Vs. Year Ago
Down -27%
Vs. Year Ago

Months of Supply
In November, there was 6.3 months of supply available in Eastern Shore Maryland, compared to 8.7 in November 2016. That is a decrease of 27% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

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New Listings & Current Contracts
This month there were 1,119 homes newly listed for sale in Eastern Shore Maryland compared to 1,000 in November 2016, an increase of 12%. There were 953 current contracts pending sale this November compared to 817 a year ago. The number of current contracts is 17% higher than last November.

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Sale Price to List Price Ratio
In November, the average sale price in Eastern Shore Maryland was 96.6% of the average list price, which is similar compared to a year ago.

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Days on Market
This month, the average number of days on market was 107, lower than the average last year, which was 123, a decrease of 13%.

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The Long & Foster Market Minute *Defined as the counties Caroline, Cecil, Dorchester, Kent, Queen Annes, Somerset, Talbot, Wicomico, and Worcester in MD and Sussex County in DE
*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by SCAOR/MRIS/CAR and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does 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 SCAOR/MRIS/CAR or Long & Foster Real Estate, Inc.