Southern Maryland Real Estate Trends for October 2006
The Maryland Real Estate Trends in Southern Maryland differ from county to county, with some home sellers still reaping the rewards of gains in property values, while others need a reality check on their list prices. With the holidays just around the corner, and winter fast approaching, many home sellers decide to take their homes off the market, or postpone selling till the Spring season. While it can be inconvenient to have your home shown during this time of year, and true, your curb appeal is not at its best, the trade off can mean your home selling faster and for higher dollar amount that if it were marketed during a period where the inventory was greater.
The following is a breakdown of market statistics by Southern Maryland County:
|
|
2006 |
2005 |
|
|
Total Sold Dollar Volume: |
$ 60,051,773 |
$ 81,191,332 |
- 26.04 % |
|
Average Sold Price: |
$ 355,336 |
$ 338,297 |
5.04 % |
|
Median Sold Price: |
$ 329,900 |
$ 315,000 |
4.73 % |
|
Total Units Sold: |
169 |
240 |
- 29.58 % |
|
Average Days on Market: |
65 |
33 |
96.97 % |
|
Average List Price for Solds: |
$ 368,091 |
$ 347,401 |
5.96 % |
|
Avg Sale Price as a |
96.53 % |
97.38 % |
|
Charles County home sellers saw a continued 5% growth in home values during the month of October, however, over zealous sellers were pricing their homes about $20,000 higher than what buyers were willing to pay. Of the 1282 homes currently on the market in Charles County, 50% are priced over $400,000, which is the slowest moving price point for the region. Those home sellers with prices over $400K are not seeing the Property Value gains that those under $400K are making. The days on the market continues to be just over 2 months, and projections will be for this to continue through the end of the year.
St Mary’s County:
2006 2005
|
Total Sold Dollar Volume: |
$ 29,397,687 |
$ 48,379,470 |
- 39.24 % |
|
Average Sold Price: |
$ 319,540 |
$ 329,112 |
- 2.91 % |
|
Median Sold Price: |
$ 297,500 |
$ 299,900 |
- 0.80 % |
|
Total Units Sold: |
92 |
147 |
- 37.41 % |
|
Average Days on Market: |
66 |
40 |
65.00 % |
|
Average List Price for Solds: |
$ 328,971 |
$ 340,151 |
- 3.29 % |
|
Avg Sale Price as a |
97.13 % |
96.75 % |
|
While not the bleakest statistics of the 4 Southern Maryland Counties, St Mary’s County saw there values drop a couple of percentage points. Home sellers were asking about $10,000 more for their properties that buyers were paying; A minor adjustment that is not too painful, based on the equity we are seeing sellers make at the settlement table. Like Charles County, St Mary’s County is top heavy in the homes priced over $400K. Trends appear to continue as shown above through the end of the year.
Calvert County:
2006 2005
|
Total Sold Dollar Volume: |
$ 31,645,069 |
$ 57,335,440 |
- 44.81 % |
|
Average Sold Price: |
$ 400,570 |
$ 409,539 |
- 2.19 % |
|
Median Sold Price: |
$ 335,000 |
$ 355,000 |
- 5.63 % |
|
Total Units Sold: |
79 |
140 |
- 43.57 % |
|
Average Days on Market: |
113 |
64 |
76.56 % |
|
Average List Price for Solds: |
$ 428,682 |
$ 419,890 |
2.09 % |
|
Avg Sale Price as a |
93.44 % |
97.53 % |
|
Calvert County statistics are the most painful to see, of all Southern Maryland Counties. There was a drop in units sold by over 43%, with continued projections to be unchanged through the end of the year. One problem of note; home sellers were asking nearly $30,000 more for their properties than buyers were willing to pay. This may be the reason Charles and Prince Georges Counties saw gains in value and Calvert saw a drop in units sold; The BIG TOPIC; Affordable housing, or lack thereof. If there are some Calvert County home sellers that are serious about selling, they might want to reposition themselves in the market place with a significant price reduction. I hate to be the bearer of bas news, but if you want honesty, there it is.
Prince George’s County:
2006 2005
|
Total Sold Dollar Volume: |
$ 366,071,378 |
$ 447,292,885 |
- 18.16 % |
|
Average Sold Price: |
$ 348,639 |
$ 323,422 |
7.80 % |
|
Median Sold Price: |
$ 335,950 |
$ 315,000 |
6.65 % |
|
Total Units Sold: |
1,050 |
1,383 |
- 24.08 % |
|
Average Days on Market: |
57 |
29 |
96.55 % |
|
Average List Price for Solds: |
$ 358,653 |
$ 327,844 |
9.40 % |
|
Avg Sale Price as a |
97.21 % |
98.65 % |
|
It is a good time to be a home seller in Prince Georges County, if your home is priced less than $400K. Prince George’s County home sellers saw the most significant gains of the Southern Maryland Counties, with more than 50% in price increases over this time last year. Not bad when you consider what is happening everywhere else. Although the average list price was 10% higher than what sold during the month, over 1,000 homes in the county sold, compared to 1748 new listings, an indicator that days on the market may be coming down.
