Charles County Maryland Real Estate Market Report, March 2008

It’s slow, but I’m happy to say that we are seeing movement in the real estate market here again!  Typically mid-March to the end of June is the busiest time of year for real estate sales, so it’s great to see the shift towards an increase in sales.

We’ve seen an increase in not only the number of sales in February, but also the number of pending settlements, as well as the number of listings.

It’s not all roses, however.  Homeowners are still finding it difficult to sell their home in this market, and the average time on market for a home these days is now up to 160 days, up from 147 a month prior.  The average sales price has held steady, and the median sales price is even up a bit, but it’s not a good indication that home values are rising at this time.

This sort of market is the very definition of a buyers market.  Interest rates right now are near 5.8%, and home values are correcting very quickly.  Personally speaking, I’ve seen a dramatic increase in the number of people looking to cash in on the market, and the number of buyers has greatly increased in the last 30 days.