LEXINGTON PARK, Md. — A hot real estate market means fewer listings and rising prices in St. Mary’s County.
New real estate listings in St. Mary’s County dropped significantly in February. There were just 151, down 15.% from January and a drop of 20.9% from February of last year.
Mark Frisco with the real estate experts of Century 21 New Millennium said that’s a significant drop in an already tight market which could continue to drive prices up.
The number of new pending sales took a big drop as well, falling 13.4% from January and 7.7% from February of last year. There were just 155 new properties under contract.
Closed sales stood at 129. That’s down 13.4% from January but still up 17.3% from this time last year.
Mark Frisco pointed out that even with fewer homes on the market, there were still more sales than last January. “That’s a pretty amazing statistic.”
The median sold price for February was $315,000. That’s an increase of 1.4% over January and a 5% jump from February of 2020.
There were 118 active listings in February. That means there’s less than a month’s worth of inventory on the market. The average number of days on the market was 27. That’s 4 days more than January but almost half the average number of days from February of 2020 when the average was 53.
The original sold price to list price ratio is a healthy 98.8% compared to January’s 98.9% Last February, it was 97%.
“All in all, what I see here is the inventory is still going down,” Frisco said. “We’re still selling lots of properties.” He said houses are drawing multiple offers and prices are rising.
If you need help buying or selling in this sizzling market, contact Mark and his team at Century 21 New Millennium at 443-486-5145.
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