Saint Mary's County Maryland Market Statistics, November 2007

St. Mary's County, Maryland has a few interesting points to make note of when looking at the overall market health. First, the average and median sales price of a home here has gone up. While this is a very good sign, it is not the only indication that the local market is performing as well as everyone would hope.

The best indicator of how the market is doing is by looking at how many days a home is on the market (on average). In Saint Mary's County, that time on market has risen 38%, from 92 days to 127 days over the last 12 months. The average listing price for a home has gone up 3% in the last year, but average sales prices are up less than 1%, so it is difficult for homeowners to reach their desired selling price.

When you're looking at the average listing price versus average sales price, homeowners are typically seeing 93.85% of their asking price, which is almost 2% less than last year; a clear indication of a buyers market(currently, our list to sales ratio is still running over 95%, better than the local average).

Currently, there are 942 active and available listings in the county, and 62 sold in the last month. There are 126 new listings within the last month. This equates to a severe overstock in available homes (15 months worth), and with more homes being listed than sold each month, that number is expected to continue to rise.

On final item of note is that conventional financing was by far the most common method of finance. Although this is not unusual, it is indicative of the popularity of conventional financing rather that FHA or VA loans.

If you have any questions about this information or would like more detail on the current state of the local real estate market, please give me a call or drop me an email! I'm always happy to help provide sales information and advice.

Saint Mary's County Statistics Chart

~Jonathan Benya
Century 21 New Millennium
Team Benya
301-653-8116
Website

Blogsite