There's good news in the Southern Maryland real estate market! While we're not out of the downturn just yet, recent changes in the market are positively affecting home sales! Here's what the Charles County real estate market looks like:
May 2009
2009 2008 %Change
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|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Sold Dollar Volume: | $ 33,466,939 | $ 33,607,138 | - 0.42 % | |||||||||||||
| Average Sold Price: | $ 281,235 | $ 317,048 | - 11.30 % | |||||||||||||
| Median Sold Price: | $ 276,000 | $ 327,450 | - 15.71 % | |||||||||||||
| Total Units Sold: | 119 | 106 | 12.26 % | |||||||||||||
| Average Days on Market: | 163 | 132 | 23.48 % | |||||||||||||
| Average List Price for Solds: | $ 309,264 | $ 344,640 | - 10.26 % | |||||||||||||
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Avg Sale Price as a percentage of Avg List Price: |
90.94 % | 91.99 % |
What Does This Mean?
Unfortunately, prices have fallen from where they were 12 months ago. A quick look at the sales statistics from April shows us some promising information, however:
April 2009
2009 2008 %Change
| Total Sold Dollar Volume: | $ 22,976,649 | $ 34,190,350 | - 32.80 % | |||||||||
| Average Sold Price: | $ 267,170 | $ 299,915 | - 10.92 % | |||||||||
| Median Sold Price: | $ 236,750 | $ 285,500 | - 17.08 % | |||||||||
| Total Units Sold: | 86 | 114 | - 24.56 % | |||||||||
| Average Days on Market: | 151 | 134 | 12.69 % | |||||||||
| Average List Price for Solds: | $ 303,894 | $ 326,988 | - 7.06 % | |||||||||
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Avg Sale Price as a percentage of Avg List Price: |
87.92 % | 91.72 % |
The average home sales price for April 2009 was $267,170. In may, that number was $281,235, or an increase of just over 5% in sales price! Not only that, but there were 86 homes sold in April, and 119 homes sold in May. That's a 28% increase in home sales over the last month!
So we know that home sales are up, sales prices are starting to rise, but why is the market starting to look a little brighter? Well, part of it is that prices and affordability are enticing more buyers. That, along with 45 year lows on interest rates, as well as the $8,000 new home tax incentive, means that first time buyers are seeing value in the soft market.
It's too early to say turnaround, but home sellers are seeing some encouraging information here! Let's hope that this is the start of a broader economic recovery!
~Jonathan Benya- Realtor
Century 21 New Millennium
9405-A Chesapeake St
La Plata, MD 20646
301-609-9000 - office
301-653-8116 - cell
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Let's just hope the tax incentives and low interest rates don't change; that was a big jump from april to may 2009 - it can surely pave way to a better economy.
Posted by: real estate business cards | June 22, 2009 at 10:44 PM