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July Housing Market Update: St. Mary’s County Is Moving Quick

LEXINGTON PARK, Md. — A lot has changed in St. Mary’s County over the last month, however, the most recently available data from the county’s home sales show similar month-to-month and year-over-year complications. Many of which benefit people looking to sell their properties now.

Supply and demand is a core principle of the real estate market. More houses for sale typically means the demand is easier to supplement. But in St. Mary’s, when compared to last year at the same time, active inventory is down by a staggering 54.81%, from 520 units to now 235.

This is a somewhat concerning trend for an area that sees a great deal of personnel moving around, as a result of its proximity to the Patuxent River Naval Air Station. But the trend of not many houses being on the market is a broader issue, impacting the whole state of Maryland and many other markets nationwide.

Across Maryland, active inventory sits at 12,153 units at the time of the reported data, which is down significantly when compared to the same time in 2019 when there were 25,666. Another way to see those numbers is through how many “months of inventory” those listings could provide. Statewide, there are currently 1.7 months of inventory available, as opposed to last year at the same time when there were 3.6 months available.

On top of the inventory shortage, more homes are pending and there are fewer new listings. New listings are down 16.08% from last year, and pending sales are up 18.88% in St. Mary’s. Homes are going under contract quickly, and people aren't selling at a quick enough rate to improve the health of the market.

As if that wasn’t enough, home prices have been going up on multiple scales. The average sold price in the year-over-year data is up 11.66%, and the median sold price is up 15.41%. Additionally, home sellers are getting closer to what they are asking for, with the yearly sold price to original list price ratio going up a slightly to 97.5%.

One point of note in the market is that even though the average days on the market went up from 39 in 2019 to 40 now, the majority of homes that sold over the month sold in one to 10 days. Three transactions that were recorded in the report went under contract in less than 24 hours over the past month.

The bottom line is that right now, home sellers have a lot of control in transactions, being that they can leverage so many different pieces over buyers. From getting higher prices, to the market moving quickly, to knowing that there might not be too many options out there for buyers.

Whether or not the inventory shortage is getting to the point of causing economic havoc isn't too clear. Summer is generally a hot time for real estate, so hopefully, the country can hang on to see some slower times, allowing inventory to replenish.

Only time will tell.

All statistics for this article were obtained via the Bright Multiple Listing Service and Maryland Realtors. Contact Zach at zach.hill@thebaynet.com.

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