I have had many individuals ask me what is the difference between the Sellers Market and the Buyers Market? So I will share the difference and reference this blog for reminders. This is the link to the blog I posted one year ago about this same subject
Demand in real estate is commonly judged by months of inventory based on closed sales.
Sellers Market =Less than 3 months of Inventory (Demand exceeds Supply)Buyers Market= 6 or more months of inventory (Supply exceeds Demand)Neutral Market= 3-6 months of Inventory. This is when the interest rates are affordable and the number of buyers and sellers in the marketplace are equalized.
So, with that said, let's take a look at Septembers Market statistics for Anne Arundel County and Queen Anne County. The numbers I supply are comparing Septembers numbers with August numbers.
Anne Arundel County
New Listings: Down 9.4% (since August 2022)New Pendings: Down 26.2% Closed Sales: Down 21.0%Median Sold Price: Down 1%Avg Days on Market: 20 (up from August which was 15)Months of Inventory: 1.0
So based on the information above, Anne Arundel County is still in a Sellers Market.
Queen Annes County
New Listings: Up 13.8% (from August 2022)
New Pendings: Down 15.6%Closed Sales: Down 33.3%Median Sold Price: Down 5.2%Avg Days on Market: 33 (up from August which was 23)Months Of Inventory: 1.9
Again, Queen Annes County is also in a Sellers Market.
The next question I am hearing more often now is "Should I wait until after the holidays to try and sell my home?"
I want to address this separately. So look for this blog in the next coming days.
I'm Lisa Longest with Realty Navigator. I am a full time Realtor® GRI® RENE® CDPE® and PSA® in Anne Arundel and Queen Anne Counties. I am here for all your real estate needs. If you are looking to buy, sell or question me about the market in your area, feel free to contact me. I am located in Annapolis and Kent Island. My email is LisaLongest.RE@Gmail.com and cell is 443-786-4200.