Reflecting on the Real Estate Market in June 2020.
By The Benson Dulin Group
With so many changes to our economy and the stock market on a daily basis, we understand how listing or purchasing real estate right now may feel like an uncertain choice. In order for you to make an educated decision on your future real estate endeavors, we wanted to share with you a few state-wide statistics on the current state of the real estate market, and give you some insight into how we’ve been doing here in Talbot County.
The real estate market has been challenged in some ways while growing in others. We wanted to share a few uplifting facts about the current Maryland Housing statistics. In May, the number of houses under contract was at 9,502, sitting above the 2019 number of 9,286 homes under contract in Maryland.
An increase of 0.3% in the average sales price took place in May followed by a 2.6% increase in the median price. These numbers are calculated based on the number of homes sold.
The figures above indicate that- people are in fact buying homes! With interest rates sitting around 3-3.5%, aspiring homeowners are able to secure loans easily. If you're looking to buy, now really is a great time.
At the Benson Dulin Group, we have not slowed down. Although social distancing and stay-at-home orders were put into place in our state, we were able to utilize several resources to continue to serve our customers, while abiding by the newly enforced rules and regulations. We closed out June with 12 settlements and 10 homes under contract. Some properties have been listed and gone under contract in just ONE DAY.
We hope that you will find this information helpful and encouraging. Regardless of the circumstances, we are currently facing, we understand purchasing real estate is always a big decision. However, at the Benson Dulin Group, we ensure you that we will provide you with a buying and selling experience that you feel comfortable, safe, and excited about!
Reach out to us today!