Housing market resurgent in 2nd quarter on the Eastern Shore

JUDY GERMAIN-DINGES

EASTON — Despite the impacts of COVID-19, the housing market on the Eastern Shore is rebounding, according to First American’s Homeownership Progress Index.

Judy Germain-Dinges, president of the Mid-Shore Board of REALTORS® said the data didn’t show the slowdown that many were predicting.

“It was widely believed that the housing market would be reduced, and it was down, but only for about two months,” she said. “Now it is back and strong.”

First American’s HPRI shows positive trends. There was an initial drop of applications at the beginning of the pandemic’s emergence, during the second week of April. Since then, the number of mortgage applications submitted by hopeful homeowners has increased for nine weeks straight. This scenario is reflected in the numbers for the Eastern Shore in the second quarter of 2020 where the housing market is very active.

Median home prices for the second quarter increased in all five counties. The 2020 median home prices:

Caroline County’s median home price was $227,950 or up 14.55% over 2nd quarter of 2019.

Dorchester County’s median home price was $210,000 up 23.82% over 2nd quarter of 2019.

Kent County’s median home price was $255,000 up 9.68% over 2nd quarter of 2019.

Queen Anne’s County’s median home price was $378,950 up 8.58% over 2nd quarter of 2019.

Talbot County’s median home price was $355,000 up .42% over 2nd quarter of 2019.

The number of homes sold during the second quarter reflect the low inventory and the fact that some sellers took their house off the market. Homes are coming back on the market and Realtors are seeing a spike in sales that started in June and continues into July.

In Caroline County, 89 homes sold in the 2nd quarter of 2020, compared to 111 the 2nd quarter of 2019.

In Dorchester County, 101 homes sold in the 2nd quarter of 2020, compared to 129 the 2nd quarter of 2019.

In Kent County, 73 homes sold in the 2nd quarter of 2020, compared to 84 the 2nd quarter of 2019.

Queen Anne’s County sold 16 more homes in the 2nd quarter of 2020 or 242 homes, compared to 226 homes sold the 2nd quarter of 2019.

Talbot County sold 2 more homes in the 2nd quarter of 2020 or 169 homes, compared to 167 homes sold the 2nd quarter of 2019.

In two counties homes sold faster, two counties the homes took a bit longer and one county it was the same amount of time when comparing the second quarter of 2020 to the second quarter of 2019.

Caroline County homes sold on average in 2.9 months, 22-days faster than the second quarter of 2019.

Dorchester County homes sold on average in 3.5 months, 15-days slower than the second quarter of 2019.

Kent County homes sold on average in 3.3 months, 9-days faster than the second quarter of 2019.

In Queen Anne’s County homes took 2.6 months to sell, the same amount of time for 2020 and 2019.

Talbot County homes sold on average in 3.5 months, 18-days slower than the second quarter of 2019.

“If the June and July sales continue, 2020 will be a good year for the real estate market,” Germain-Dinges said. “Interest rates look as if they will remain low. Buyers need to be prepared to make offers quickly when they find their dream home. There is competition, especially for homes that are move in ready.”

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