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Sobering Land Sale Numbers for Caroline County, Maryland, For 2011

by Mickey Hayward

It's hard to believe that, according to MRIS MLS for Caroline County, Maryland, only 15 unimproved properties sold during the entire year of 2011. I was seaching the mls for sold building lots to use as comparables for a potential listing. When I searched the range of .1 to 2.0 acres I found that there were no (0) sales for the entire year. The land/farm listings which did sell, all 15 of them, ranged from 2.248 acres to 259 Acres. Very sobering data and another reflection of the lack of new home construction in this area.

 

Caroline County, Maryland, First Quarter 2011 Home Sale Stats

by Mickey Hayward

Home sales in Caroline County are up by 38 % over the first quarter in 2010.  Though this sounds like a huge increase in home sales it's really not.  First quarter home sales in 2010 were only 39 compared with 54 this year. Of the homes sold in the first quarter this year, approx. 41 % were foreclosures and almost 19 % were short sales.  So, almost 60% of homes sold here were short sales or foreclosures.  Scary!

The "Buyers' Market" continues.  There are 362 homes on the market now in Caroline County.  At a consumption rate of just 18 homes per month (54/3) it would take an estimated 20 months for all homes in Caroline County to sell, even if no more homes come on the market.

Home Sale Stats for Caroline County, Maryland, from 1/1/08 through 8/31/08

by Mickey Hayward

In the first eight months of 2008, one hundred fifty seven (157) homes were sold in Caroline County, Maryland.  That compares to two hundred twenty four (224) homes sold during the same period in 2007 and to three hundred four (304) homes sold during the same period in 2006.  So, that equates to a drop of about 29.9% from 2007 to 2008 and about 48.4% from 2006 to 2008.  That's huge for each of the last two years! 

When will home sales pick up again?  Interest rates are still very good. The absorption rate for homes in Caroline County, Maryland, reveals that with 502 homes on the market there is over a 25 month supply of homes to be sold even if no more homes were to come on the market in the next 25 months.  Wow.  Given that there will be additional homes listed in the coming months you obviously get the picture that there is an abundance of homes on the market in Caroline County and thus . . . it's still a Buyer's Market.

Call me or email me if you would to buy or sell a house land or a farm or if you need help with planning for a 1031 exchange (buy or sell).  Mickey Hayward Cell Phone (410) 924-2277 or  Email mickey@sunsetproperties.net

 

 

Home Sale Stats for Caroline County, Maryland, and the Denton area 21629, comparison for August 2007 vs. August 2006:  These stats were obtained from the MRIS MLS system only.  Actual home sale numbers are probably somewhat higher if private sales and sales through other MLS systems are factored in.  Though MRIS is the primary MLS system for the area some sales were probably processed through the TREND, INNOVIA, and ARIS MLS systems and there were probably a couple of for-sale-by-owner transactions.                                   * This is not a scientific study.  All figures and comments are subjective.

Per MRIS data, in August 2007 there were 28 home sales in Caroline County.  The average sales price was $225,885 and the average Days on Market were 176.  In August 2006, total home sales were 51, the average sales price was 281,704, and average days on market were 138.  This represents a 45.1 % decrease in the number of homes sold, a 19.8 % decrease in the average home sales price, and an average days on market increase of 27.5 %, over a one year period.

Will home prices continue to decline?  My feeling is that as long as the media continues to tout negative real estate stories prices will continue to adjust in the near term.  My opinion is that the media plays a big role in public perception of the real estate market and it may in fact foster a self-fulfilling prophecy about real estate market woes.

The reality is that now seems to be a good time to buy a home.  Mortgage interest rates are still very reasonable and there are so many homes for sale that the market in this area is definitely favorable to Buyers - a "Buyer's Market."  Will interest rates stay low and home prices continue to decrease.  It's anyone's guess.  Why take a chance?  If you see a home that you really like and you can afford to buy it now, why not buy it?

Mickey Hayward is a certified residential specialist (CRS), a graduate of the REALTOR'S© institute (GRI), a Seniors Real Estate Specialist (SRES) and a Maryland and Delaware Real Estate Broker.  His office is located at 110 Market Street, in Denton, Maryland 21629. Websites:  www.mddehomes.com        www.sunsetproperties.net  Maryland and Delaware For Sale By Owner:  www.mddefsbo.com

9/4/07 Homes Availabile (Per MRIS MLS) on the Eastern Shore of Maryland

by Mickey Hayward

As of today, there are a total of 465 homes on the market in Caroline County, Maryland.  This is according to MRIS MLS data.  The majority of those homes are Active but some are Under Contract or Under Contract with Contingenices.  If you would like a breakdown of how many homes are under contract email me at mickey@sunsetproperties.net and I will email you that information.

Also, if you would like to know how many homes SOLD in a given price range in Caroline County, MD, (or in another county), email me and I will do a search for you and email you a personalized response.  If you are interested in a specific price range (how many homes sold in the $300,000 to $400,000 price range for example) I will need to know that.  I need to know as much specific information as you can supply for the data that you are interested in (County, mailing city, acreage range - if not in a town, price range, bedrooms, baths, specific time frame).  An example would be:

How many 3 Bedroom, 2 Bath, homes, on 1 to 3 acres, in the $250,000 to $300,000 price range, SOLD in the Denton area (or Greensboro, Ridgely, etc.) from 3-1-2007 to today?

Also, if you have a comment about the housiing situation in Caroline County, Maryland, please post to this blog.

Email me or call me any time:  Mickey Hayward, mickey@sunsetproperties.net  (410) 924-2277.

 

Displaying blog entries 1-5 of 5

Contact Information

Photo of Maryland, Virginia & Delaware Farms Homes & Land Real Estate
Maryland, Virginia & Delaware Farms Homes & Land
Sunset Properties / Hayward Realty
1138 0cean Highway
Pocomoke City MD 21851
(410) 479-9729
(410) 924-2277
Fax: (800) 547-1243



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