We’ve all heard about how much the real estate market has changed, but it is only when you see them in a summary report, which shows the changes from a year ago, that you also realize how stunning those numbers are. To get the scoop on what’s going on, EEDC spoke with Debbie Leber, Executive Director of the Mid-Shore Board of REALTORS©.
EEDC: Before we get into the numbers in your report, tell me about your organization.
Debbie Leber (DL): So Mid-Shore Board of Realtors is part of the National Association of Realtors. It’s the largest trade association in the nation, with 1.4 million members. And when you become a realtor, you join at the local level, which is what Mid-Shore is, and then you get the State and the National backing. We provide the education and the services that the realtors need to be professional and successful. At the same time, we also advocate for the property rights of homeowners.
EEDC: So, the numbers we’re going to talk about are for May, with the June numbers coming out July 10th. What is your assessment as to what’s going on in Talbot County?
DL: Talbot always is a fairly strong market. But for the last six months, the entire Mid-Shore has done really, really well. And if you look at the average sale price in Easton, it was up 132%.
EEDC: Talk about some of the other statistics in the report.
DL: Let’s look at Easton first: In May of 2020, 25 homes were sold compared to this past May, when 45 homes sold. If we look at all of Talbot, 81 homes sold in May, compared to 44 in 2020. That’s an 84% increase. Then there are the average days on the market. Typically, you could expect a home to sit for about three months before sale. Now it sells, on average, in 39 days.
Additionally, the inventory for the past several years has been declining. But now, we’re really seeing historic, low inventory levels.
EEDC: The pandemic didn’t help.
DL: Right. Nobody wanted people in their houses. The realtors took many precautions: turning lights on and off, opening up closets and doorways so you didn’t have as many touchpoints, people were required to wear booties. Many realtors would go back and wipe down door handles and doorknobs. In past years, when you’d go look at a house, everybody would come–the kids, the parents, grandparents, best friends–and everybody’s all over the place looking at everything. Maryland realtors sat down as a state and said, ‘Let’s protect the realtor member, let’s protect the homeowner, let’s protect the client,’ and we put together guidelines to make sure everyone was safe.
The regulations are lifting now, and hopefully, people will be putting their house on the market if they had decided to wait because we really can use the inventory.
EEDC: Why is the market so hot?
DL: People are looking to get that home that is more like a family compound. When you look at the houses that are selling–starter homes are going quick, of course–but you’re also seeing many more expensive homes being sold that have more acreage, bedrooms, pools, amenities. That’s because people are saying, ‘I’d like to be able to find a place where I can have a family event, where we can all be together and have some open air and things to do.’
Our board president, Laura Anderson, said she’s sold several homes where people never stepped a foot in the house! I guess the virtual stuff is great; you can go on Google Maps and see the area. Not sure if I could do buy something without first looking at it, but it’s happening. They’re also buying homes thousands of dollars over list price, with no inspections.
Of course, the realtors are super busy, but mostly because the inventory is so low, people are making offers that won’t be accepted. Realtors are doing everything they can to make the offer stand out and this takes many hours to put together.
EEDC: Where are these buyers coming from?
DL: You’re seeing many people coming in from the New York, Philly, DC area–within a day’s drive.
EEDC: So, this trend is continuing even as we go past the pandemic?
DL: Most definitely, we hear buyers realizing they can now work from anywhere. And that’s why broadband is so important. I know that Choptank, Easton Utilities, and the Federal Government are working to make that happen. Our State Senators and legislators did a great job of putting that broadband bill in, and hopefully, we’ll be seeing results of that because there are still places that have issues with good conductivity. We experience it when we do Continuing Education classes over zoom and see some agents struggle with a solid internet connection.
EEDC: Can we extrapolate from these numbers that the rest of Maryland is also busy?
DL: Dorchester county did the best of all counties in the whole State. But the Eastern Shore has also really done well. But yes, the entire State is seeing record numbers.
EEDC: How did you become Executive Director? Were you in real estate for years?
DL: Not at all. I didn’t know the difference between a realtor and a licensee. I had to look that up before my interview, so it’s been a huge learning curve but an enjoyable one. I have an MBA, and I utilize all my learning. It’s like, everything I learned in all the classes I took, I get to use. Being an Executive Director is kind of the perfect job for me because I’ve worked in HR, I’ve been in marketing and accounting. Here, I get to do event planning and legislative things. We do networking, education, and training. This is a very interesting business since I get to meet so many different people and play a part in what goes on in our communities through legislative and advocacy roles.
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