Southern Maryland Real Estate Market
Although the current real estate market is very different from any market ever experienced, there is one aspect of real estate that holds true regardless of real estate market conditions -
Real Estate is LOCAL.
The media presents a very generalized picture of what is occurring, many times basing reporting on overall national statistics. Depending on the real estate market, national statistics may have very little or no relevance to what is occurring in a particular local market.
The word is that real estate prices are “improving” in many markets, that word a summation of the national real estate market. Improvement is filtering down into some markets, but consumers should always look specifically at their local market. The Calvert County and St. Mary's County median statistics per Real Estate Business Intelligence are included here.
Calvert County Market Update
2017 continues positive momentum with YTD median price improvement 8.4% May 2017 vs. 2016, $298,000 vs. $275,000.
The median YTD price also is at $298,000 exceeding the 2016 median sales price for the year for Calvert County, $286,500, (vs. the 2015 median of $285,000 ), a positive trend for Calvert County real estate. The median YTD price also exceeds the five year average for May of $293,861.
St. Mary’s County Market Update
The May 2017 median sales price for St. Mary's County is $252,800 vs. the 2016 May median of $253,000. These prices reflect improvement in St. Mary's County correlating to increased activity and continued low interest rates.
Source: SmartCharts MarketStats by Showing Time
It is important for buyers and sellers to remember that these figures are overall statistics for Calvert and St. Mary's counties and that there are communities within those counties that are seeing marked improvement - buyers need to act on prime properties as sellers are seeing improved prices in many communities.