Hughesville, MD – By the end of the fourth quarter of 2015, home sales grew by 17.4 percent in Southern Maryland according to the Southern Maryland Association of REALTORS® (SMAR).
December was the month with the highest level of activity with a jump of 34.7 percent in homes sold. In a reversal of the trend of declining average home prices, average prices grew by 2.4 percent, while median prices increased by 3.6 percent.
“The strong finish in the fourth quarter of 2015 was gratifying to all real estate professionals in Southern Maryland, “said SMAR President Steve Paul. “With the fourth quarter surge of 29.4 percent in pending units, we expect a strong start to 2016”. Paul also noted “that the decrease in months of inventory to 5.7 months as compared to 7 months during the same time period in 2014 is another significant factor in a healthy market.”
Monthly housing statistics for Southern Maryland are compiled by data as reported by MRIS. For the purposes of this report, “units” are defined as the closed sales and “pending units” are properties under contract. Months of inventory are based on the current active inventory and monthly sales for the corresponding month.
The Southern Maryland Association of REALTORS®, is an affiliate of the Maryland and National Association of REALTORS®. We are proud to serve our members and our community and work to ensure professionalism in the industry. Our volunteers and staff work to offer services to real estate professionals and to provide avenues for our members to become more successful. We proudly work to promote and protect home ownership and private property rights.