The new stats are in, and I have some handy charts to show you as well!
Prince George's County remains on FIRE this month. The number of homes sold is up, the number of new contracts is up, and the months of supply is abnormally low. This means we are still firmly in a seller's market. Seller's are (for the most part) finally breaking even or even making money from 2004-2006 market conditions. This also means that buyers are having a harder time. Interest rates are climbing from record lows, meaning now is still the time to buy and lock into a low rate. There is a lot of competition out there, and more buyers are becoming pre-approved and bidding on the same nice properties. If you are a buyer in the market, you need to gather up your patience and hire the right person to find you the right property. Ask me how I can help you navigate this stressful process and I'll sit down with you to explain what to expect.
Calvert County has more of an extreme problem. They have a very contained market that is booming- lots of sales, lots of new contracts, lots of new listings. BUT sales prices are down, making this more of a buyer's market. Everyone wants to get in on the beach atmosphere and Blue Ribbon School Districts, so if you're thinking of moving to Calvert now is the time! You can expect to purchase a home for an average of $10,000 less than you could 5 years ago.
Anne Arundel County is having a similar problem to Prince Georges- they can't keep enough listings on the market! Sales are way up and so are pending properties (under contract). There is very little selection of active listings on the market in the county, making your choices when buying more limited and competitive. Homes are selling for more than they are listed as, meaning other buyers or investors are out-bidding each other to get the house. If you're ready to take advantage of lower interest rates before they rise, don't fret--hire an experienced agents with some tricks up their sleeve to get YOUR offer accepted. Ask me how!