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 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. Home prices have dropped significantly and seem to still be on a slow downward spiral in Caroline County, MD. That will be a topic for my next blog.
Call me or email me if you have questions about these home sale stats or if you would like additional information about the home sale market in general on the eastern shore of Maryland.
Military personnel moving to the area who will be stationed on the western shore of Maryland or those who already are stationed there may find it advantageous to buy a home on the eastern shore of Maryland and commute to the western shore given the cost differential in homes. Again, home prices on the eastern shore and more specifically in Caroline County, MD, will be the topic of my next blog.
* Stats obtained from MRIS MLS data only. There may have been additional sales between private individuals which were not included in the MLS data and thus not included in my stats above.