Where is the Housing Market Going?

This data reflects residential sales reported to the Metropolitan Regional Information Systems, Inc.
for Charles County, MD as of November 11, 2009

Note: Does not include private sales between parties.

Competition in the market place affects the sales price of a home. If the demand is constant and the supply is low, the price can increase. On the other hand, if the demand is declining and the supply is constant or increasing, the price will go down. If 12 homes sold in the last 12 months in a given market that means that the market will absorb 1 house per month on average. If there are 10 homes currently on the market there is a 10 month supply.

Five to six months of market time is considered to support a healthy inventory of property. If the market time is less than that, the shortage of property can cause the price to go up. If it is more than that, the glut of properties can cause the price to go down. One strategy is to price the home in today's market so that it will sell within 30 to 60 days. Experience has taught the industry that if the home sells in the first 30 days that it is on the market, it will sell for its highest price.

 Rule of Thumb:

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