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June housing market update: Calvert County

Prince Frederick, MD - In the case of the Calvert County’s June housing market, the county is one of the few across the state that has shown almost no abnormalities in its economic condition — looking at the most recently available year-over-year data, Calvert County in May of 2018 and 2019 show almost entirely positive news.

Starting with the average sales price across the county, there was an increase of 10.37 percent, up from $342,672 last year to $378,212 this year. This statistic pairs nicely with the fact that the ratio for original list price to the eventual sale price went up from 95.8 percent last year to 97.1 percent this year. What this means is that not only are values of homes clearly increasing but that sellers are clearly in control of the market. However, it is important not to be blinded by the fact that such a drastic increase in average sales price could be the result of nicer homes coincidentally being put up for sale at a higher rate this year.

Additionally, the average days on the market has decreased by 7 percent exactly, going from a 100-day average last year to 93 days on average this year. Similarly to neighboring counties, the highest percentage of homes that sold this past month had been on the market for between 30 and 61 days.

The only negative facts to come out of this month’s report came from units sold and active listings. Looking first at the number units sold, the number this year went down by a total of four units compared to last year, a slight drop of 2.33 percent. While this isn’t significant enough to substantiate any building economic trouble, it is nevertheless something negative to note as all other signs would rather have pointed to that number is an increase.

Next, looking at the number of active listings, we can see negative evidence to support both national and statewide trends of declining inventory. The major decline of 14.88 percent in active inventory across Calvert, dropping from 625 units active last year at this time to only 532 active now is very concerning. Many economists have speculated that this decline in inventory shows a lackluster stance on the countries economic future, albeit that the United States economy is doing undeniably exceptional right now. It is still unclear as to why active inventory is on the decline is a trend in so many areas right now.

New listings brought into the market this month saw no change whatsoever when compared to this time last year, with precisely 287 new listings both this past month and last year at this time. The total dollar volume sold saw a substantial increase of 6.52 percent across the county, grossing $62,783,111 this past month in contrast to $58,939,590 last year. When calculating out the small number of trending negative economic factors, Calvert County’s housing market appears to be very strong right now and still favoring sellers overall.

All statistics for this article were obtained via the Bright Multiple Listing Service.

Contact Zach at zach.hill@thebaynet.com.

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