HUGHESVILLE, Md. –– The Southern Maryland housing market has experienced notable positive trends over the past month, signaling growth amidst fluctuating economic conditions and evolving consumer preferences. According to the latest data from the Southern Maryland Association of REALTORS® (SMAR), key metrics in the market have shown substantial improvement, reflecting robust activity and promising opportunities for both buyers and sellers.
Despite a slight decline of less than 2% in the total number of units sold year-over-year, other significant statistics indicate a market on the rise. Active and new inventory levels have increased considerably from the same time last year, by 10.21% and 18.59% respectively, providing a welcome boost as the region continues to grapple with an inventory shortage and recovers from a sluggish year of activity.
SMAR 2023-2024 President Tracy Vasquez expressed optimism about the market's rebound, stating, "As we continue to see prices grow in our market, we are excited to see the market rebounding from a slower year of activity with little inventory. Although interest rates remain a pain point for many buyers, we have still seen market activity increase from 2023, and expect it to ramp up as we head into summer."
Price growth has been a standout feature of the Southern Maryland housing market. The median sold price has surged by 9.33% to $448,250, while the average sold price for the region has jumped 14.49% year-over-year. New pending sales have also increased by 4.2% compared to last year, indicating sustained buyer interest despite economic challenges.
Moreover, homes are selling more quickly than they were a year ago. The average days on the market has decreased by two days, now standing at an average of 27 days. This trend benefits home sellers, particularly as the average sold price to original list price ratio has continued to improve. Last month's rate of 99.3% marks a 0.59% increase from 2023, suggesting that sellers are receiving nearly their original asking prices.
Vasquez highlighted the importance of context when assessing the current market dynamics, saying, "Although we are seeing several positives as the market is heating up, it is important to consider how slow the market was last year when we look at today's growth. There are still many economic factors hurting home buyers today and keeping the American Dream out of reach for many in our community."
The housing market statistics for each county in Southern Maryland reveal a mixed but generally positive picture:
Calvert County
- Units Sold: 91 (down 15.74%)
- Total Sales Volume: $51.1 Million (up 1.57%)
- Average Days On The Market: 29 (down 8 days from April 2023)
- Median Sold Price: $500,000 (up 14.94%)
Charles County
- Units Sold: 198 (up 6.45%)
- Total Sales Volume: $94.3 Million (up 18.21%)
- Average Days On The Market: 30 (up 2 days from April 2023)
- Median Sold Price: $440,000 (up 6.02%)
St. Mary's County
- Units Sold: 119 (down 2.46%)
- Total Sales Volume: $54.8 Million (up 15.85%)
- Average Days On The Market: 22 (down 2 days from April 2023)
- Median Sold Price: $420,000 (up 7.14%)
For more detailed monthly housing market data in Southern Maryland, visit SMAR's housing statistics page. Additionally, a video breakdown of local statistics for the month is available on the SMAR YouTube page.
The statistics for this article were compiled in cooperation with Bright MLS, a leading source of housing market data and real estate listing services for Realtors® throughout the region.
No comments:
Post a Comment