EASTON — The second quarter 2019 housing numbers for Caroline, Dorchester and Talbot counties are very strong, according to the Mid-Shore Board of Realtors.
“The second quarter of 2019 residential sales — like the first quarter — continue to be strong and sold in all three counties,” MSBR President Dormaim Green said. “The lack of move-in ready homes remains a challenge, not just for the Eastern Shore, but for Maryland and throughout the U.S.”
Nationally, the trend is to stay in a home longer, resulting in more needed upgrades and repairs for older homes at the time of sale. More than 50% of the homes in the U.S. were built before 1980, meaning they were built more than 39 years ago.
“The second quarter of 2019, the average price of a home sold for the Mid-Shore region is $306,706,” Green said. “This is up from the second quarter of 2018, when the average price of a home in the three counties was $279,420.”
The Caroline County average home price for the second quarter of 2019 increased to $204,786, and the median sold price increased to $199,000. The Dorchester County average home price for the second quarter is $191,137, and the median is $169,600. The Talbot County average home price for the second quarter is $524,195, with the median price at $353,500.
The second quarter saw the number of homes that settled fall by 14 units compared to the second quarter of 2018.
“This happened last quarter, as well,” Green said. “Since 2015, there has been a steady decrease in the number of homes for sale. June 2019 did see an increase in the number of sold homes compared to June 2018, and in all three counties, the active inventory increased or remained relatively the same.
“If you are selling your home, you will want an idea on how long will it take to sell your house,” she said. “Realtors know each home is unique, and the timetable depends on asking price, the condition of the home and the location. However, it is possible to get an idea of the length of time it will take.”
Green said homes took about 3.7 months from the time the home went on the market to the time it closed in the second quarter compared to 10 months in the first quarter. Caroline County homes sold fastest at 3.5 months. Dorchester homes took 3.6 months to be sold. Talbot homes sold in 4.1 months.
“Overall, Caroline, Dorchester and Talbot counties have a healthy and strong residential sale market,” Green said. “The realtors are positive about this summer.”
Maryland home prices climbed in May compared to the same period in 2018, according to housing statistics released by Maryland Realtors. Average home prices rose by 4.1% while the median price increased by 4.2% as compared to the same time in 2018.
“The average and median housing sale prices both climbed at reasonable rates in May,” Maryland Realtors President Merry Tobin said.
The May statewide average sales price was $367,018 compared to $352,569 in 2018, while median sales price increased to $312,500 from $300,000.
“This jump of 4.1% and 4.2%, respectively, is robust and may, in the long term, have a negative impact on housing affordability,” Tobin said.
Median sales price increased 12.9%, from $212,500 to $239,950.
“The units pending (units under contract) jumped to 10,108 from 8,571 in 2018, while active inventory decreased from 3.5 months in 2018 to 3.1 months in 2019,” Tobin said. A six-month to 6.5-month supply is considered to be a balanced market.
Of note, units sold experienced a drop of 1.8% due in large part to the drop in settled sales in Baltimore City as a result of the widely reported ransomware attack. Sales in Baltimore City dropped 20.2%, from 875 in May 2018 to 698 last month.
The average sale price compared to original list price for May decreased slightly from 97.9% to 97.8% in 2019.
The Mid-Shore Board of Realtors is a trade association of real estate professionals in Caroline, Dorchester and Talbot counties. The mission of the Mid-Shore Board of Realtors is to advocate for its members and the public to preserve the right to own, transfer and utilize real property. MSBR provides its members with resources to conduct business professionally in accordance with the Realtors Code of Ethics.