PRINCE FREDERICK, Md. — After analyzing the most recently available market statistics surrounding Calvert County, a number of changes in the year-over-year model have caught our attention.
Factors such as days on the market, number of units sold, and the continued statewide trend of lacking sufficient active and new inventory when compared to 2018, have created a narrative that favors sellers in the market.
Across the state, there is considered to be a shortage in the months of inventory available. That statistic does not pair well with the fact that Calvert is down 19.46% in active listings compared to the same time last year. Additionally, last year at this time there were 145 new listings brought to market over the month, whereas this year that number is just 129— creating an 11.03% decrease in the county. Though unfortunate, these drops could have been seen as anticipated when analyzed with the statewide trends and statistics of neighboring counties.
Some of the only ways to amplify the effects of low inventory would be to sell more houses at higher prices, and that is precisely what happened in Calvert.
119 units sold over the month this year, whereas 88 units sold last year over the same time, creating a 35.23% increase. On top of that, both the average and median sales price saw modest increases of 11.22% and 18.01%, respectively.
However, the biggest change in this year-over-year model is the total sold dollar volume, which saw an increase of 52.18% compared to last year. While this number is massive, and clearly should be noted as important, the higher shift in the median sold price likely played a major role in inflating this stat. Clearly homes are selling for more than they were at the same time last year, but more homes being sold at higher initial prices likely caused the stats to twist substantially.
Lastly, looking at days on the market, the changes tell us that quality homes are going fast. With the average days on the market down to 49 days when last year at this time that number was 65 days is important to know if you are planning on selling. Most transactions this month involved homes that were sold in under 10 days. The market clearly waits for nobody.
Low inventory, higher prices, and a quicker amount of time taken to sell all favor a seller in the market. Though spring market is just around the corner and that could throw a wrench into everything (and will hopefully provide some additional market stability by raising inventory), sellers should consider capitalizing on some of the statistical benefits of selling now.
All statistics for this article were obtained via the Bright Multiple Listing Service and Maryland Realtors.
Contact Zach at [email protected]