March Real Estate Sales Statistics

MRIS, the regional multiple listing service for 25 local Associations/Boards of Realtors in Maryland, Virginia, Pennsylvania, D.C. and West Virginia, has just released sales statistics for March 2007. It's not surprising to anyone working in Anne Arundel County, Maryland, to see that everything is down EXCEPT days on market, when compared with last year. What is surprising is the fact that it's barely down - the sales figures are really almost stable. I'm certain that agents in other markets around the country would be very pleased to have numbers like these:

• Total sold dollar volume is down 2.91% from March 2006 to $ 250,453,279
• Average sold price is down 1.08% from March 2006 to $ 395,037
• Median sold price is down 3.96% from March 2006 to $ 326,000
• Total units sold is down .94% from March 2006 to 634
• Average days on market are up 82.26% from March 2006 to 113

Here is some more information that some people will find interesting:

• New listings taken in March 2007: 1316
• New contracts taken in March 2007: 738, including 208 contingent contracts
• Sold/settled units in March 2007: 634

Of the 634 homes settled, the majority (246) had been on the market over 120 days, while 178 sold within the first 30 days of listing. 544 of buyers for the 634 homes settled used Conventional financing and only 35 used VA or FHA loans.

In my specific marketplace, Crofton (zipcode 21114), sales statistics differ slightly from the county-wide numbers:

• Total sold dollar volume is up 9.43% to $ 17,875,623
• Average sold price is up 1/2% to $ 364,809
• Median sold price is down 4.91% to $310,000
• Total units sold is up 8.89% to 49
• Average days on market are up 97.73% to 87

While average days on market in Crofton have increased since March of last year, they are exactly the same as February 2007 and down significantly from January (113). That's good news, in my opinion. Of the 49 homes that sold and settled, almost half (21) had been on the market less than 30 days, while 14 had been on the market for over 120 days.

Again, Conventional financing was the most popular, with 43 settlements, while only 2 buyers used VA or FHA loans. That is good news for home sellers, since sellers' closing costs tend to be lower for Conventional loans than any government loans. It's also somewhat surprising, given Crofton's proximity to Fort Meade, the U.S. Naval Academy and Andrews AFB.

Statistics are published monthly by the Metropolitan Regional Information Systems, Inc. (MRIS) at http://www.mris.com/reports/stats/ if anyone would like to check on another zipcode or obtain greater details. You don't have to be a MRIS member to access this information.