Now that we have the first quarter statistics for the Severna Park, MD market, let's look at some of the revealing and not so revealing numbers.
A total of 29 homes have sold in the Severna Park area. It has taken anywhere between 2 - 7 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 80% - 95%. 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 80% - 95% of their asking price. A most compelling statistic in the Severna Park, MD market is the increase in number of active listings that have come on the market in the $500,000 - $599,999 range. At the beginning of the year, there were 201 active listings in Severna Park. At the end of March, there were 217 active listings. That's an increase of 16 active listings for the year. Consequently, there were 35 active listings between $500,000 and $599,999. At the end of March, there were 42. That's an increase of 7 active listings in that price range. Doing the math, 44% of the increased active listings that have gone on the market in Severna Park, MD are priced between $500,000 - $599,999. Equally as curious is the percentage of active listings that range between $350,000 and $599,999. At the end of March, there were 109 active listings in that price range from a total of 217 active listings. Another way to say this is that 50% of the active listings in Severna Park fall between $350,000 - $599,999.
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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