Despite an increase in home sales in during the third quarter in St. Mary’s County, home sales dipped during the fourth quarter, according to the Southern Maryland Association of REALTORS® (SMAR). With decreases of 16.67, 17.19 and 28.1 percent during the fourth quarter, the average rate of growth in home sales decreased by 20.9 percent. Average and median prices saw decreases by 2.4 and 3.9 percent respectively as compared to the same time in 2017.
“The fourth quarter decrease we see is a sign the residential housing market in St. Mary’s County is starting to slow due to limited inventory”, said SMAR President Judy Szynborski. She went on to note, “pending units or homes that are under contract but not settled were also down slightly by 1.5 percent.”
Monthly housing statistics for St. Mary’s County are compiled by data as reported by Bright MLS. 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.
St. Mary’s County is part of the Southern Maryland Association of REALTORS®, which is an affiliate of the Maryland REALTORS® and National Association of REALTORS®. We are proud to serve our members and our community and work to ensure professionalism in the industry. Our volunteers and staff work to offer services to real estate professionals and to provide avenues for our members to become more successful. We proudly work to promote and protect homeownership and private property rights.