Sale prices increased in October in most of the Eastern Shore real estate market, while the number of units sold declined throughout much of the region in October, according to Long & Foster Real Estate’s Market Minute report.
In Wicomico County, the median sale price rose by 15%, followed by a 9% increase in Queen Anne’s County. Home sales fell in nearly the entire region, with decreases ranging from 1% in Queen Anne’s County to 19% in Worcester County. Dorchester County exhibited an upward tick of units sold, with a 2% increase.
The Long & Foster Real Estate Market Minute report for the Maryland Eastern Shore includes Wicomico, Dorchester, Queen Anne’s, Talbot and Caroline counties.
“Although there is no relief in sight for our inventory challenges, October was a solid sales month for Long & Foster,” said Gary Scott, president of Long & Foster Real Estate. “November has started off solid, and we may not experience traditional seasonality going into the holidays, since all other factors are boding so well — consumer confidence remains strong, interest rates are low, and homes are appreciating at a healthy pace.”
Scott said buyers and sellers in November and December usually are serious buyers and sellers.
He said buyers want a home that is move-in ready, in the condition, design and layout they want.
“Today, convenience is an important piece of people’s world, and they don’t want to go through the process of converting a home into what they want,” Scott said. “The reality is a lot of homes have what buyers desire, but the pricing of those homes creates a disconnect.”
For sellers, Scott said even though there are inventory challenges, it’s best to make sure your home is the preeminent choice.
“If your real estate professional recommends anything, such as declutter or stage your home, I’d advise you to do it,” he said.
It’s important to price your home right, Scott said. “Pay attention to prices of homes that have sold rather than the list price. The only number that really matters is the number the buyer and seller agree to.”
Recently, the National Association of Realtors passed a rule to ban pocket listings, meaning that once a home has been marketed to the public, it needs to go onto a multiple listing service within one business day. The ruling allows consumers to see all homes available for sale and expose properties to a wider range of potential buyers. Scott said the ruling is in the consumer’s best interest
“If I’m a buyer, I want to know everything on the market and as a seller I want to expose my property to as many people as possible,” he said said.
To learn more about local market conditions, visit Long & Foster’s Market Insights. You also can learn more about Long & Foster and find an agent at LongandFoster.com.