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August Housing Market Update: St. Mary’s County Is Running Out Of Homes To Sell

LEXINGTON PARK, Md. — Plain and simply put, there are several statewide trends and local factors that have put St. Mary’s County in a market that favors home sellers.

With the most recently available data, it is clear that in a county that typically sees regular home movement throughout the year caused by the proximity to Washington D.C. and Patuxent River Naval Air Station, has an inventory shortage. While this is also a trend across Maryland and many other parts of the country, St. Mary’s County is arguably hurting.

At the same time last year, there were 493 active listings. Now, there are 174, which is a 64.71% decrease. These are not slight changes. The lack of inventory has caused home prices to soar, sellers to control many factors of a transaction, and for homes to sell at record speeds.

Looking at home prices, the average and median sold prices are both up in the county, 3.37%, and 5.97%, respectively. This is slightly lower than the statewide totals which were both reportedly up 8.1% from the same time in 2019.

Then, take a look at other ways that sellers are controlling the market right now. The average sale price to original list price ratio in the county was up 2.01% from this time last year, breaking 99% for the first time in the past two years at least. With inventory numbers so low, sellers are recognizing the fact that they can get closer to what they want right now, and the statistics are showing that they are.

Not to mention how quickly houses are moving in the county. The average days on the market for St. Mary’s is down 40.38% from 2019, a 21-day reduction from 52 to 31 days.

The most common amount of time it took for a house to sell over the past month was less than 10 days. Of the 205 recorded transactions, 115 of them sold in less than 10 days.

While the inventory shortage can be viewed as troublesome to the economic stability of the area, there are still some positives that can be taken away. In the year-over-year model, St. Mary’s added more new listings over the past month when compared to this time in 2019. Up by 5.24% from last year, 221 new listings were added in the past month.

Unfortunately, the additional number of units that sold outpaced that growth in new listings by 12.58%.

The current crisis that is plaguing the housing market locally, statewide, and in some cases nationally is a difficult problem to solve. The impacts that COVID-19 may have had on the market over the five months are still somewhat unclear, but people can hope that they weren’t detrimental. There are a lot of variables that are still up in the air.

However, fixing inventory shortages in the past has not traditionally been an overnight change, and our markets have been trending in the wrong direction all year. If a homeowner is planning on selling their house soon, it appears that now is potentially a great time to do so.

All statistics for this article obtained via the Bright Multiple Listing Service and Maryland Realtors.

Contact Zach at zach.hill@thebaynet.com

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