Now that we have the first quarter statistics for the Stevensville, MD market, let's look at some of the revealing and not so revealing numbers.
A total of 8 homes have sold in the Stevensville area. It has taken anywhere between 4 - 6 months to sell. The average price is a number that can be greatly skewed by the sale of a $1 million dollar home, so we'll leave that statistic alone. The Average Sale Price as a percentage of Average List Price over the 3 month period ranges from 85% - 90%. It's called a contract sales price. It does NOT take into account factors such as closing costs or closing help (if any). In other words, sellers should expect to get between 85% - 90% of their asking price. The most compelling statistic in the Stevensville, MD market is the number of homes that have come on the market in the $250,000 - $299,999 range. At the beginning of the year, there were 136 active listings in Stevensville. At the end of March, there were 160 active listings. That's an increase of 24 active listings for the year. Consequently, there were 15 active listings between $250,000 and $299,999. At the end of March, there were 23. That's an increase of 8 active listings in that price range. Doing the math, 33.33% of the increased active listings that have gone on the market in Stevensville, MD are priced between $250,000 - $299,999.
If you're a first time home buyer you should take a serious look at the numbers here. The interest rates for loans are outstanding, the first time buyers credit is out there, and there has been an influx of active listings in a great price range.
Source: Metropolitan Regional Information Systems, Inc (MRIS)
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Rich is a licensed assistant to Michelle Bowman of Keller Williams Select Realtors in Severna Park, Maryland. To learn more about Michelle Bowman, including contact information, please visit her website at www.michellebowman.com.
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