Sunday, April 10, 2016

Maryland Real Estate Market Data for April 2016

Many people will attempt to mislead you about the state of the current real estate market in Maryland, and the rest of the U.S. for that matter. It might be because they haven't "seen" the growth with their own eyes. Another reason is political; people will reject the idea of an improving economy because they don't want to give credit to the current Presidential administration. 

I don't care about politics or what I can see what my own eyes (although I never discount what's in front of my face!). Yes, my company has seen a sharp increase in residential sales over the past year, which drove me to look at the numbers (which represent facts, mind you!), and when I did, the data only supported my assumption: overall residential sales are rising at a rapid pace! 

The chart above provides a glimpse into the Maryland real estate market, which I will summarize as quickly as I can. The number of units is the sales increase year over year, as of the end of February, 2016. Average and Median prices are just that, and Pending includes the number of contracts that are under contract. A quick sidenote about pending contracts: a couple of years ago, the amount of pending contracts meant nothing, because so many deals were falling through. This was happening for a variety of reasons, but the main reasons were buyers getting cold feet (due to concern about their ability to repay that mortgage note), and difficulties getting financing. The amount of "fall-throughs", as I have termed them, dropped considerably in 2015, and that trend is continuing now. Despite the increase in prices, the amount of Active Inventory is down, which is making it a little more difficult on motivated buyers. 

So what does this all mean? The Maryland real estate market is quickly recovering, making the transition from a buyer's market to a seller's, and we can anticipate prices to jump even more in the near term. The months of inventory will continue falling, providing the leading indication that the market is healthy. Take advantage of low rates while you can and buy the home you've been wanting, whether you're a first timer or a move-up candidate that has been waiting for the right time! 

Contact me for more information at scott@scottmillerrealestate.com, visit my website at www.highpowerrealty.com, or phone me at (443) 866-6728. 

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