Southern Maryland’s Housing Market Slows Down As Prices Continue To Rise – The Southern Maryland Chronicle

HUGHESVILLE, Md. –– As the tip of summer time approaches, the Southern Maryland housing market has proven refined indicators of slowing exercise, although costs have continued to extend.

By way of essentially the most lately collected knowledge from the Southern Maryland Affiliation of Realtors®, it may be noticed that the stock of properties within the area just isn’t shifting as they had been on the similar time final yr.

The entire variety of items offered throughout July was down roughly 27.93%, with the whole greenback quantity down 20.24%, for a complete of $63 million lower than 2021.

Extra proof of those adjustments could be seen by the numerous variety of lively listings within the area. Lively listings are up almost 44.46% from 2021, creating stock ranges that haven’t been seen since earlier than the beginning of the COVID-19 pandemic.

This alteration means excellent news for patrons, as they are going to have extra choices when it comes time to make a purchase order. There has additionally been a slight improve in how lengthy properties are staying in the marketplace, up someday from the identical time in 2021 for a complete common of 14 days. These patterns are inclined to create extra leverage for patrons throughout negotiations.

That extra leverage is seen as the typical offered worth to unique listing worth ratio has dropped from 101.8% in 2021 to now 100.6%. This lower implies that properties which might be promoting are much less prone to see a number of supply eventualities pushing costs increased and that sellers are compromising with patrons extra typically.

“Whereas rising rates of interest could also be impacting a purchaser’s buy energy, that energy nonetheless exists and needs to be utilized,” SMAR 2021-2022 President Gregg Kantak stated. “Typically, residence costs hardly ever transfer backward and have by no means moved backward in response to increased mortgage charges. Moreover, for some buyer-savers, rising rates of interest may very well be a internet optimistic, as they typically push up financial savings charges.”

Nonetheless, whereas the whole months of stock that’s accessible have elevated from dangerously unhealthy ranges over the previous few years, it’s nonetheless largely thought of a vendor’s market.

Extra proof of this may be seen as amid financial uncertainty over the previous a number of months, actual property has remained a thriving funding with residence costs in our area seeing giant will increase in comparison with 2021. The median offered worth of a house in Southern Maryland has gained roughly 11.81% from the identical time final yr.

“Regardless of a unbroken ‘sellers’ market,’ a Survey of Client Funds, launched in September of 2020 by the Federal Reserve, discovered the median U.S. family internet price is $121,700. Nonetheless, the distinction between the online price of householders versus renters is staggering,” Kantak stated. “In 2019, householders within the U.S. had a median internet price of $255,000, whereas renters had a internet price of simply $6,300…a distinction of 40x between the 2 teams. Rates of interest and stock apart, everybody who can improve their internet price ought to accomplish that, and actual property is one of the best instance.”

Housing market statistics from every county within the Southern Maryland area could be discovered beneath:

Calvert County

• Models Offered: 146 (-35.11%)
• Complete Gross sales Quantity: $ 73,255,973 (-26.38%)
• Common Days On The Market: 14 (-3 Days from July 2021)
• Median Offered Value: $472,500 (+22.50%)

Charles County

• Models Offered: 236 (-29.76%)
• Complete Gross sales Quantity: $ 104,488,168 (-24.51%)
• Common Days On The Market: 12 (+1 Day from July 2021)
• Median Offered Value: $422,500 (+6.96%)

St. Mary’s County

• Models Offered: 165 (-16.67%)
• Complete Gross sales Quantity: $ 72,590,591 (-4.40%)
• Common Days On The Market: 16 (+2 Days from July 2021)
• Median Offered Value: $405,000 (+12.50%)

Go to https://www.southernmarylandrealtors.org/pages/housing-statistics/ each month for extra particulars concerning the housing market in Southern Maryland.

Statistics for this text had been compiled with cooperation from Shiny MLS, a number one housing market knowledge supply and an actual property itemizing service for Realtors® all through the area.