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St. Mary’s County Real Estate Market Update

LEXINGTON PARK, Md. -- Local real estate expert Mark Frisco from The Mark Frisco Team of Century 21 New Millennium says 2020 was an amazing year for real estate sales in St. Mary's County.

There was a total of $712 million in sales in 2020.  That's a 29% increase in sales from $551 million in sales in 2019.

The reason for the increase is due to more units selling and to higher sale prices.

The average sale price was $336,000, up from $301,000 in 2019. That's an 11.5% increase.

In 2020, 2112 units sold compared to 1,824 in 2019. The average number of days on market dropped from 53 in 2019 to 35 in 2020.

However, 992 of those properties sold in the first 10 days on the market. Another 247 sold in their next 10 days on the market. Plus 56 properties sold before they ever hit the market.  Over half of the properties listed sold in less than 20 days.

Mark says if your real estate agent handles everything properly with the sale, you should expect to sell in that timeframe as well.

Did the sellers get what they wanted for their homes?  In 2019, the average home brought it 96.5% of its original asking price. In 2020, that rose to 98.7%.

In December, there were 141 new listings.  That's up 50% from December of 2019, but a 23.8% drop from November of this year. The drop between November and December is expected as the market slows down around the holidays.

New pending sales stood at 159. The number is down 21.2% from November but up a full 43.4% from December of 2019.

There were 202 closed sales. Up 6.3% from November and jumping 22.4% from December of 2019.

The median sale price was $329,945 in December. That's up 14% from December of 2019.

Active listings in St. Mary's County stand at 143. That's down from 178 in November of 2020. But the real change is in the year-to-year numbers. In December of 2019, there were 339 active listings.

There is currently about three week's worth of inventory on the market. Anything below three month's worth of inventory constitutes a seller's market.

The average number of days on market for December was 26. On average, properties sold in December brought 98.8% of their original asking price. That's down slightly from November but up 3% from December of 2019.

If you need help navigating the super-hot real estate market as either a buyer or a seller, contact Mark and his team at 443-486-5145.

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