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The buzz in the real estate world continues to revolve around the captivating market trends of Queen Anne's County, Talbot County and Kent County for the month of July 2024. Let's delve into a comprehensive market report that uncovers the highlights of different regions within this vibrant market, offering insights into average square footage, pricing, total sales, and much more. Buckle up as we embark on this journey through the real estate landscape of Maryland's vibrant Eastern Shore.
Exploring Market Metrics
The Eastern Shore luxury market saw significant changes in August 2024, particularly in terms of pricing and market competitiveness. The average price for luxury properties surged to $2,090,692, up from $1,768,750 in July and substantially higher than the $1,655,313 recorded in August 2023. This sharp rise reflects strong demand in the luxury segment, with buyers willing to pay top dollar for premium properties in the region.
However, properties are taking longer to sell. Days on market increased to 61 in August, up from 46 in July, though still shorter than the 69 days recorded in August 2023. This suggests that while prices are rising, buyers are taking more time to finalize purchases, possibly indicating a more deliberate approach to high-end acquisitions.
Total sales volume decreased slightly, with 13 luxury properties sold in August compared to 16 in both July 2024 and August 2023. This drop could point to limited inventory or buyer hesitation in the face of rising prices.
One area where the market has softened is the list price to sales price ratio, which fell to 88.3%, down from 94% in July and 96% in August 2023. This decrease indicates that buyers are negotiating more aggressively, with sellers receiving less than their asking price, suggesting a market where pricing expectations and offers are diverging.
EASTERN SHORE LUXURY | august 2024 | July 2024 | august 2023 |
Average Price | $2,090,692 | $1,768,750 | $1,655,313 |
Days on Market | 61 | 46 | 69 |
Total Sales | 13 | 16 | 16 |
List Price To Sales Price | 88.3% | 94% | 96% |
The waterfront market in the Eastern Shore region saw some notable shifts in August 2024. Average prices fell to $1,116,288, down from $1,276,614 in July and from $1,288,955 in August 2023. This decline in pricing suggests that while the demand for waterfront properties remains steady, buyers are pushing for more favorable deals or market conditions are shifting downward.
Days on market increased significantly to 75 days in August, up from 44 days in July and 56 days in August 2023. This longer time on market indicates that properties are taking considerably more time to sell, perhaps reflecting more caution among buyers or a more competitive environment with greater inventory to choose from.
On the other hand, total sales rose to 26 in August, up from 22 in both July 2024 and August 2023. This growth in sales volume highlights the ongoing appeal of waterfront properties, despite the pricing changes and longer selling times.
However, the list price to sales price ratio dropped to 90.5%, down from 94.8% in July and 92.9% in August 2023. This further decline shows that buyers are negotiating harder and sellers are accepting lower offers, contributing to the overall decrease in average pricing.
EASTERN SHORE waterfront | august 2024 | July 2024 | august 2023 |
|---|---|---|---|
Average Price | $1,116,288 | $1,276,614 | $1,288,955 |
Days on Market | 75 | 44 | 56 |
Total Sales | 26 | 22 | 22 |
List Price To Sales Price | 90.5% | 94.8% | 92.9 % |
let's look at the average property in each market in aug '24
MARKET | BEDS | BATHS | SQUARE FEET | PPSF |
EASTERN SHORE LUXURY | 4 | 4 | 3,191 | $766.95 |
EASTERN SHORE WATERFRONT | 3 | 3 | 2,402 | $469.23 |
Top 10 Sold Listings
Curious about the top 10 properties that created a buzz in the real estate market in August? Here are some of the exceptional listings that caught the attention of buyers:
Swipe right to see all of the top 10 sales. Explore these listings here to uncover more details about each sale.
Top 10 New Listings
The excitement doesn't end with the sold properties. Here are the top 10 new listings that made a grand entrance into the real estate arena, poised to capture the attention of eager house hunters:
Don't miss out on the exclusive details of these new listings that have redefined the standard of modern living.
In Conclusion
August 2024 brought significant shifts to both the luxury and waterfront segments of the Eastern Shore market. The luxury market saw a sharp rise in average prices, reflecting strong demand, but properties lingered longer on the market and sales were slightly down. Buyers seem to be more cautious, negotiating harder, as evidenced by the drop in the list price to sales price ratio.
In the waterfront segment, average prices fell while total sales increased, showing that while more properties are changing hands, they are selling at lower prices and taking longer to close. Buyers are negotiating more aggressively, contributing to the lower list-to-sale ratios seen this month.
Overall, the Eastern Shore market is in transition, with some signs of softening in pricing but continued interest from buyers in both the luxury and waterfront sectors. As the market evolves, close attention to pricing strategies and buyer behavior will be key for sellers navigating these changes.
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