Team Benya's Monthly Market Report- Charles County, Maryland
What's Happened:
For the first time in 7 months, home sales in Charles County, MD have actually seen some growth! Earlier this year we were looking at home sales in the range of 50-60 units per month, and now that number is closer to 100!
Pending Settlements, the number of homes currently under contract, have gone up as well, so there is a bit of bright news in the market this month. We've also seen the number of homes available on the market level off as well, so now we'll have to wait and see if the trend continues.
Between February and March we have also seen that the average price of a home in Charles County (roughly $312,000) didn't fall, the average number of days on market (158 days) has leveled off as well, due partially to the increased amount of home buyers we have seen in the last month.
What Does This Mean?
It's great that we're seeing potentially positive changes happening in the market. It's a little premature to say that we're going to see prices rise again in the near future, but at least we are not seeing the values continue to fall.
Foreclosuresare having a big impact on the market right now, and they make up a significant portion of sales, and unfortunately those properties are what traditional sellers are forced to compete with. The good news to it is that the amount of transactions taking place each month is growing!
Home owners who are trying to sell should be seeing increased traffic through their homes, provided they are priced right and marketed well. I've noticed an increased amount of traffic through my listed homes right now, and it's a big relief to my clients to see that the market might be trying to stabilize.
For buyers, sitting on the fence has been forcing down prices, and we're starting to see some good deals emerge, which in turn has caused the local market to drop price-wise, and it seems that prices are stable, and we're starting to see more buyers take advantage of both the lower prices and the preferable interest rates that are available.
If you would like more information about the Charles County Market, Foreclosures, Listings, or New Construction Developments, please ask! I have a wealth of local information and resources and I'm always willing to assist people in navigating this tricky market!
~Jonathan Benya
Century 21 New Millennium
9405-A Chesapeake St
La Plata, MD 20646
301-609-9000
301-653-8116
Waldorf and Southern Maryland Real Estate
www.teambenya.com
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Appreciate your honesty and forthrightness in publishing the graphs. My concerns are that we are adding more homes by more than double what we are selling. Also, looking fwd to your updating to reflect the April MRIS numbers. The graph on top will again go above 1600 and avg sold is below 300K for the first time which means sellers are starting to understand that the equilibrium between price and moths of inventory is around 5 months....we are at what 16... so the sellers have a ways to go.
Thanks again.