Real Estate Report for Eastern Shore Shows Signs of Recovery

Coldwell Banker Chesapeake Real Estate just released January 2015 monthly real estate market data for the Eastern Shore Of Maryland – including Caroline, Talbot Dorchester, Queen Anne’s, Kent, and Cecil Counties.

Highlights include:

Sold Dollar Volume: Sellers on the Upper Eastern Shore closed $61,386,729 in real estate sales in January– up 13.95% from the $53,873,985 closed in January last year. This is a positive sign for recovery. Another good sign are the 140 new pending contracts booked in January 2015, a 29.63% improvement over the previous year. Taken together these two metrics bode well for a stronger 2015 in all Eastern Shore real estate markets.

Our Guidance: there has never been a better time to buy. We have the bottom of the market in our rearview mirror and demand is starting to strengthen. Long –term mortgage rates are under 4% and the national economy is heating up. Our agents look for this trend to slowly accelerate in 2015 and thereafter as national economic fundamentals and consumer confidence continues to improve and waterfront buyers return to the shores of the Chesapeake Bay.

Average Sold Price: The average sold price of an Eastern Shore residential property in January 2015 was $290,932 – down from $297, 646 achieved in January 2014 down marginally (- 2.26%) year-over-year. The low average sold price illustrates the continued absence of luxury and waterfront buyers from the Eastern Shore markets but the marginal decline points to stabilizing prices. Look for this number to increase as we go into the spring. The average sold price is sensitive to periodic outliers in individual markets.

Median Sold Price – The median sold price in January 2015 of $185,000 continues to hover near the bottom of its 10-yr range and is a decline of 7.5% from January 2014. This reflects the continued high number of foreclosures and short sales in the market and the previously mentioned absence of luxury buyers. The median Sold Price will improve in 2015 and thereafter as the inventory of foreclosures declines and luxury buyers return to the market.

Absorption Rate – The inventory of properties on the market on the Eastern Shore (2,696 properties) at the end of January 2015 is at the bottom of its five-year range. In January 2015, 221 properties were SOLD up 11.8% from the 181 closed in January of 2014. This absorption rate suggests a 10.5 month inventory of properties, still well above the 6 month inventory considered to be a market in equilibrium but well below the 5 year average of 13.2 months. This inventory will continue to decline to healthier levels as spring progresses. Look for this trend to continue as gas prices continue to fall in 2015 and the Washington/Baltimore metroplex becomes more congested and expensive for first-time and first move-up buyers

Average Days On Market – the average of 172 Days On Market (DOM) for all sold listings in January 2015 is an improvement of 1.15% over the January 2014 (174 DOM). Look for this trend to continue in 2015 as value conscious buyers recognize the good values to be found in most Eastern Shore markets. A rising interest-rate environment will also prompt buyers to jump off the fence in 2015.

Average List Price For Solds – The average list price for solds in January 2015 of $322,306 is 8.43% below the $351,969 noted in January 2014. This metric has experienced considerable downwards pressure from short sellers and sellers will to make significant concessions to achieve timely sales for lifestyle reasons. Look for this trend to continue through 2015 as excess and shadow inventory continues to be absorbed.

Real Estate: Coldwell Banker Chesapeake Website Goes New Direction

Coldwell Banker Chesapeake Real Estate is pleased to announce the launch of two new state-of-the art, fully-integrated websites. The new sites are more closely aligned with the brand’s strategic vision for a digital platform and growth through online marketing.

The launch of the new Coldwell Banker digital platform (www.ColdwellBanker.com ) is more than the launch of a website. Instead it brings a cultural shift to the industry as sellers, alongside their agent, will have the ability to be directly involved in the marketing of their home through emotion-based property descriptions, photos and videos. Buyers will benefit through enhanced sharing features and greater listing content than ever before seen in real estate! According to Google Analytics this URL generated 2.5 M total visits and 1.8M mobile visits following the launch in October.

Coldwell Banker Chesapeake recognizes that it must be both hyper-local and customer-centric in order to attract prospects to its local website (www.CBChesapeake.com). “Prospective buyers have access to a lot of information on national real estate portals such as Coldwell banker.com and Realtor.com”, says Hugh Smith, Broker of Coldwell Banker Chesapeake, “We have designed our new website to provide information to buyers and sellers of Eastern Shore real estate that they can’t find on the national portals. The website is tightly focused on the consumer, with all the functionality of a national portal, and instant access to locally knowledgeable sales associates.

The new website offers a modern and easy to navigate functionality as well as a content-rich site. Agent profiles give the consumer the opportunity to find a full-time professional agent who is knowledgeable about the specific area in which they are interested and who has a track record of results in any given property type. The individual listings and community pages provide consumers with local demographics, marketing information, and a wealth of knowledge on each property.

Hugh Smith, Coldwell Banker Chesapeake Real Estate’s Broker notes that this website utilizes the best features to keep consumers up to date on new listings and updated searches. “We think our website, along with our social media and digital marketing efforts, will help us quickly connect with our audience to provide an engaging customer service experience.”

Coldwell Banker Chesapeake Agents Build Houses As Well As They Sell Them

Coldwell Banker Chesapeake Real Estate agents sell a lot of houses every year on the Eastern Shore of Maryland. “We have been fortunate in these challenging times”, says sales associate Tracy Stone “My colleagues and I feel the need to give back to the community that has been so good to us.”

Screen Shot 2014-10-08 at 7.44.48 PMOn Wednesday, September 24th, 2014 fourteen CB Chesapeake sales associates and administrators turned out at 233 Port Street in Easton to volunteer a day of labor with Habitat For Humanity Choptank – a local affiliate of Habitat For Humanity International – the ecumenical homebuilding ministry which has built 64 houses in Talbot and Dorchester Counties since its founding in 1992. Hugh Smith, the Broker and an Owner of Coldwell Banker Chesapeake, is also the Founding and First President of Habitat for Humanity Choptank.

“We believe that everyone deserves a decent house in which to live”, says Smith, “This program appeals to our sense of fair play”, says Smith “Home ownership, sweat equity and community participation appeals to our business instincts”.

The build was organized by sales associate Peggy Neviaser, also a long-term volunteer of Habitat locally. “I have served on the Partner Family Committee for years” said Peggy, “it’s fun to get outside and swing a hammer for a change.”

The build was led and supervised by Habitat for Humanity Choptank Construction Supervisor Steve Thomas

The real estate industry was well represented on the build site. Coldwell Banker Chesapeake agent and current Mid-Shore Board of Realtors President Gwen Eskridge helped her colleagues from the Easton Office to disassemble a scaffolding on the second floor of the house then re-assemble it on the ground outside to prepare for roofing the duplex. Easton associates participating also included Carol Harrison, Sharon Rieck, Chata Smith, Juliet Wells, Heather Hardisty and Laurie Renshaw., “It is hardly glamorous work”, said Eskridge, “but it sure is rewarding. We will drive past this site for years to come and know we helped to make a big difference in two family’s lives”.

The afternoon crew, including several associates from the Chestertown Regional Office – Tracy Stone, Glenn Davis, Ken Roderick, Edey Cross, Kim Anthony, and Amber Tefft – to frame and erect interior walls.

No one was ready to quit at the end of the day. “We want to do it again” was the common sentiment. To help pay for all the nails they bent, Coldwell Banker Chesapeake announced a matching gifts program to its sales associates and employees. “The company” says Smith, “will match our associates donations to Habitat for Humanity dollar for dollar through the end of the year.”

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Real Estate Agents Build Houses As Well As They Sell Them on the Shore

Coldwell Banker Chesapeake Real Estate agents sell a lot of houses every year on the Eastern Shore of Maryland. “We have been fortunate in these challenging times”, says sales associate Tracy Stone “My colleagues and I feel the need to give back to the community that has been so good to us.”

Tracy Stone. Edey Cross, Gwen Eskridge, and Sharon Rieck

Tracy Stone. Edey Cross, Gwen Eskridge, and Sharon Rieck

On Wednesday, September 24th turned out at 233 Port Street in Easton to volunteer a day of labor with Habitat For Humanity Choptank – a local affiliate of Habitat For Humanity International – the ecumenical homebuilding ministry which has built 64 houses in Talbot and Dorchester Counties since its founding in 1992. Hugh Smith, the Broker and an Owner of Coldwell Banker Chesapeake, is also the Founding and First President of Habitat for Humanity Choptank.

Building a Habitat House and Community years to come and know we helped to make a big difference in two family’s lives”.

“We believe that everyone deserves a decent house in which to live”, says Smith, “This program appeals to our sense of fair play”, says Smith

“Home ownership, sweat equity and community participation appeals to our business instincts”.

The build was organized by sales associate Peggy Neviaser, also a long-term volunteer of Habitat locally. “I have served on the Partner Family committee for years” said Peggy, “it’s fun to get outside and swing a hammer for a change.”

The “build” was led and supervised by Habitat for Humanity Choptank Construction Supervisor Steve Thomas

The real estate industry was well represented on the build site. Coldwell Banker Chesapeake agent and current Mid-Shore Board of Realtors President Gwen Eskridge helped her colleagues from the Easton Office to disassemble a scaffolding on the second floor of the house then re-assemble it on the ground outside to prepare for roofing the duplex. Easton associates participating also included Carol Harrison, Sharon Rieck, Chata Smith,Juliet Wells, Heather Hardisty and Laurie Renshaw to frame and erect interior walls.

No one was ready to quit at the end of the day. “We want to do it again” was the common sentiment. To help pay for all the nails they bent, Coldwell Banker Chesapeake announced a matching gifts program to its sales associates and employees. “The company” says Smith, “will match our associates donations

“It is hardly glamorous work”, said Eskridge, “but it sure is rewarding. We will drive past this site for to Habitat for Humanity dollar for dollar through the end of the year.”

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