Charles County has been impacted heavily during the recent market downturn (although not as badly as PG County).  Sales are down roughly 33% from this time last year, average days on market is up over 85% to 132, and average sales prices have fallen as well.

     Prices are down roughly 3% from November of 2006, and will continue to fall so long as we see supply exceeding demand.  117 homes were sold last month, out of almost 1600 for sale.  This is typical of the entire region, where supply exceeds demand by at least 12 months.
    Also typical of the region is the fact that there are 288 new listings taken this month.  It seems that there are twice as many listings taken as there are sales closed in each county, and that only contributes to furthered market deflation. 

    Another factor to look at is the average sales price vs. the average listing price.  Last year that figure was at almost 98%, while this month the county-wide figure is at 94.6% (Our personal numbers are still above 95%, thanks to some tough negotiating on behalf of our clients).

    Conventional financing is the most popular method of finance right now, although there were 10 mortgage assumptions last month, indicating a possible resurgence in this method of finance transfer.

Charles County Statistic Chart    

~Jonathan Benya
Century 21 New Millennium
Team Benya
301-653-8116
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