Real­tors say hous­ing mar­ket trends ‘sta­ble’

Maryland Independent - - Business -

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.

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