Realtors say housing market trends ‘stable’
The first quarter of 2017 statistics show strong home sales in the Southern Maryland region with a 9.4 percent increase, according to a news release from the Southern Maryland Association of Realtors (SMAR).
The trend of modest price gains continued with a rise of 1.5 and 3.8 percent for average and median prices respectively, the release states. Homes under contract that have not reached settlement, or pending units, also grew by 3.5 percent as compared to the first quarter of 2016.
“Despite a slow start in January, we are very satisfied with the results in residential home sales for the first quarter,” SMAR President Lisa Van Tassel said in the release. “While price appreciation continues to be modest, the rising number of sales attest to the fact that buyers are engaged. We are hopeful that the trend of a stable market continues.”
Monthly housing statistics for Southern Maryland are compiled by data as reported by MRIS. For the purposes of this report, “units” are defined as the closed sales and “pending units” are properties under contract. Months of inventory are based on the current active inventory and monthly sales for the corresponding month.
The Southern Maryland Association of Realtors is an affiliate of the Maryland and National Association of Realtors.