Lexington Park, MD – Looking at the available housing market data put out during June, St. Mary’s County seems to be sending out interesting economic signals. The year-over-year data collected from the months of May 2018 and May 2019 show some very positive figures, but also some rather alarming ones.
Looking first at some of the positive figures in St. Mary’s, the number of new listings, the number of units sold, and the average days on the market show signs pointing up. The number of new listings around this time last year was 248, whereas at the same time this year that number is around 287, an increase of 15.73 percent. Next, looking at the total number of units sold in the year-over-year comparison, there was an 11.97 percent increase, going from 142 last year around this time to 159 this year.
When looking at the average days on the market, there is good news and bad news. The good news is that homes are selling faster this year when compared to the same time last year. The change from 96 days to 86 days on the market makes up a 10.42 percent drop. However, when this number of days on the market is stacked next to the ratio of originally listed price and eventual sale price, the news turns negative.
Sellers this year are on average accepting offers at 95.9 percent of their original asking price, compared to last year when that number was 97.1 percent. Does that mean sellers are really trying to sell their homes more now than they were last year? Perhaps. However, when you also calculate in the fact that the average sale price is down 4.57 percent from last year and active inventory is down a striking 10.64 percent, things start to get a little bit confusing.
With such a staggeringly low amount of active inventory, one might expect sellers to have more control than they appear to. Whether or not that is a result of poor negotiations on the part of sellers, or strong negotiations on the parts of buyers, or some combination of that and possible economic turmoil in the not so distant future, it is hard to tell.
Another noteworthy statistic to come out of this month’s year-over-year report is in response to how long it takes to sell homes right now. While a majority of the homes that sold over the past month had been on the market for between 30 and 61 days, the second largest category was homes that had only been listed for just between one and 10 days. The phrase that “the good ones don’t last long” appears to be very evident in this case.
Aside from all of those numbers, the total dollar volume of sales saw an increase of 6.85 percent, up from $44,501,902 to $47,551,710. The current low amount of active inventory should still classify the county housing market as favorable to sellers.
All statistics for this article were obtained via the Bright Multiple Listing Service.
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