Each month, when new sales statistics are published by the Metropolitan Regional Information Systems, Inc. (MRIS) – the multiple listing service for Crofton (21114) – the first thing I look at is the Total New Listings (76) and the Total New Contracts (41). If these numbers are not close, then I can predict the future. How, you might ask? Well, certainly not from watching TV or reading the print media - it’s a case of relying upon my experience, and recognizing the effect of Supply and Demand.
If 76 property owners put their homes on the market in a month when only 41 homebuyers elected to purchase a home, the inventory of homes for sale will continue to grow. Under these circumstances, the number of sold units and $ averages will continue to decline, while days on market will continue to increase over last year as we move forward into the summer of 2007.
Here is a look at the statistics for May 2007, the most recent month for which statistics are available, compared to May 2006:
- Total Sold Dollar Volume: Down 20.78%
- Total Units Sold: Down 13.79%
- Average Sold Price: Down 8.10%
- Median Sold Price: Down 7.91%
As you might expect, the average days on market is another statistic that does not bode well for home sellers: Up 20.69%
It is more difficult to know an accurate percentage for Average Sale Price vs. Average List Price (97.68% in 2007 vs. 97.39% in 2006) because the published information provides the List Price at time of Contract. It does not take into account the original price or any subsequent price reductions. I don’t pay much attention to this, other than to warn my seller clients that they should not expect a full price offer.
Again, the message to home buyers is this: IT'S A GREAT TIME TO BUY A HOME!
For a report on market conditions in YOUR neighborhood, or one in which you're considering a purchase, click on Market Snapshot. You may view it once, or subscribe to ongoing reports on a schedule you specify.
For more information on this topic, visit Margaret Woda at RE/MAX Vision in Crofton.
Crofton MD - Market Statistics May 2007. Copyright June 2007. All rights reserved. Margaret Woda
1 comment:
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