LEXINGTON PARK, Md. — Planning on selling a house soon in St. Mary’s County?
With the turn of the year just around the corner, property owners who are planning to dispose of some real estate may like to heed some positive news from the most recently available data about the housing market in St. Mary’s.
A number of factors that contribute to the driving forces of the market, such as the number of units sold, the average sale price, average days on the market and new inventory, all saw some extreme changes when analyzing year-over-year models of the most recent data.
Looking first at what many real estate professionals would consider a concerning number is the change of new listings on the market compared to this time last year. The market is currently looking at 397 active units on the market. At this time last year, that number was over 100 units higher at 499 units; this creates a 20.44% decrease inside the yearly model.
While this number is the largest change throughout the tri-county area, the amount of inventory across the state has been shown as significantly lower when compared to 2018. The state is currently 8,000 units behind 2018’s figures. That means that in 2018, the state had what was considered four months of active inventory, and now the state has 2.6 months of inventory.
This has created a market greatly beneficial to home-sellers who are currently seeing higher sale prices and quicker turnaround times when selling.
The average days on the market is down from 61 days in 2018, to 51 days in 2019 — a 16.39% drop.
The average sold price and median sold price across the board both saw substantial increases of 13.42% and 13.59%, respectively. To top off both of those figures, the total dollar amount that sold over the month was up a massive 34.72% — from $28,596,713 to $38,525,484 — which was accompanied by nearly a 17% increase to the number of units sold this time last year.
Not to mention the speedy rate at which the inventory that is selling is being sold. The majority of homes that sold across the county over the last month sold in less than 10 days, with one home being sold in a pre-market sale which meant it was on the market for 0 days.
This year is showing substantial adjustments of lower active inventory, higher prices across the board, and homes are selling fast. There is a low total of “months of inventory” and more homes are being sold.
Though the market can be difficult to predict, most signs are clearly favorable to sellers right now. Everything in combinations sounds like a recipe for home-sellers to benefit exponentially by selling before the spring market arrives.
All statistics for this article were obtained via the Bright Multiple Listing Service and Maryland Realtors.
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