Last month's stats are in! August was another strong month in the Maryland real estate market. Home sales were stable, with a little bump from some new inventory. Counties like Anne Arundel and Prince George's remained tight, with almost as many homes going under contract as hit the market (keeping a smaller Months of Inventory percentage for both). Calvert saw a HUGE 28% increase in supply for the month of August when compared to the same time last year. Buyers in Charles are having an easier time finding a home as well this year, with a 10% increase compared to last year.
What does this mean for sellers? Slightly more competition when compared to this time last year (but less competition compared to last month. This is normal since the back-to-school season is over though. The Summer rush is on the way out); slightly more days on the market (four); the continued growth of a healthy market. NOW still continues to be a great time to sell, and there are finally more options opening up in the move-up and new construction market. My listings are taking approximately a week to go under contract lately. Still quite fast, and they typically have heavy competition on them.
The news for First Time Home Buyers is looking about the same as I've predicted this past year. It's just getting harder to find a home to purchase (especially one that passes traditional financing rules). The longer you wait, the less bang for your buck. Living wages are simply not keeping up with home sales prices, and we're seeing much more demand for renovated homes. Now is a great time to purchase while interest rates are generally low. The biggest factor affecting these home buyers is tight inventory and the effect of supply on demand. That's why when I meet with First Time Home Buyers we sit down and go through the entire process from start to finish to make sure there are no questions or concerns. That way when you are ready to go out and start looking, you know what to expect and can lock down a great house right away.
For those of you who like numbers, here are a couple of reports that help better illustrate what the market trends have been indicating: August 2017 Detailed Market Report & August 2017 Local Market Insight.
Dunkirk MD Homes for Sale - Genna Fleming, REALTOR® at EXIT 1 STOP REALTY
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