Real Estate Report 2/22/13

Lauren Bunting

Worcester Co. sales for 2012 ‘At a Glance’

(Feb. 22, 2013) With figures being reported for 2012 “At a Glance” by the Maryland Association of Real­­­tors, we are able to take a look back at the year as a whole.

Overall, throughout the state of Maryland, the year ended with continued strong existing home sales, a reduction in inventory and some marginal increases in average and median home prices. Total existing home sales are completed transactions that include single-family homes, townhomes, condominiums and co-ops.

Worcester County did stay on par with the statewide figures on existing home sales volume, with a 4.6 percent increase from 2011 to 2012 in sales volume, or in other words, units sold. This was a strong improvement over 2011’s 7 percent loss of volume from the previous year.

As far as amount of current active inventory available for sale, both statewide and Worcester County ended the year in December 2012 with a 25 percent reduction in inventory from 2011. However, statewide this reduction represents a five-month level of inventory, whereas Worcester County had a 13.9 month level of inventory. This number changes significantly each month because it is directly tied to the monthly sales for the corresponding month, so if sales volume goes down and current active inventory stays static, months of inventory figures will be inflated.

The state as a whole posted 5.2 percent and 7.2 percent increases, respectively, in average and median home prices. However, Worcester County was one of just two statewide counties that did not post an actual increase in average and median home prices. The average sales price for Worcester County average home prices fell 4.9 percent from $279,951 in 2011 to $266,266 in 2012 and the median sales price fell 2.2 percent year over year. On the other hand, as compared to last year’s loss in median sales price of almost 10 percent, this is a positive direction and clear improvement in sales price trend.

— Lauren Bunting is a member of the Coastal Association of Realtors and a licensed REALTOR® with Bunting Realty, Inc. in Berlin.

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