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National Market Conditions
Local Summary: Demand for housing has resulted in a limited supply. Sellers are receiving multiple offers at asking price. The market is being fueled by activity from first time, move-up and repeat buyers, single-family homes, and condos/townhomes.2017 1st Quarter Market Report: Home Sales Start Strong in 2017

The 1st quarter of 2017 ended on a strong note with March existing home sales reaching its highest pace in 10 years despite low inventories of homes for sale.

The most notable change in the 1st quarter was another huge increase in markets where there were more buyers than sellers resulting in quick sales and low inventory. Our survey showed that in 73% of the markets surveyed there were more buyers than sellers, an increase of 15% over the 4rd quarter and an increase of 13% over the 1st quarter of 2016. Additionally, 80% of our markets survey showed a tight supply of homes, an increase of 10% over last quarter and 13% over last year. Home prices are also on the rise with 92% of markets showing price appreciation in the last year.

According the National association of Realtors (NAR) existing home sales in March were up 5.9% over last year; inventory of unsold homes is at a 3.8 month supply and 48% of all homes sold in under one month. That is a strong sellers market.

The data in this report is generated primarily from our survey of HouseHunt.com exclusive member real estate agents across the United States. This grass roots approach to studying the housing market gives us a thorough look at where the real estate market is through the eyes and perspective of the local real estate agents who are living and working in the trenches of each community.

Buyer and Seller Activity
The trend in both buyer and seller activity is up slightly in the 1st quarter of 2017 compared to the previous quarter. Buyer activity increased in 74% of the markets surveyed and decreased in 14% of the markets surveyed indicating a significant 8% increase since the 4th quarter o f 2016 and a 1% decline in activity from Spring 2016. Simultaneously, the trend for seller activity continued to increase in the 1st quarter with 45% of the markets indicating increased seller activity compared to 42% of the markets in the 4th quarter of 2016 and 40% of the markets this time last year. Despite increased seller activity there are still more buyers than sellers and homes are selling quickly.

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Summer 2017 Market Update
Interest rates are historically low
Average Sold Home Price: $315,000

Average Time on Market: 0-30 days

Market Trend: Increasing

Buyer's or Seller's Market: More buyers than sellers

Multiple Offers? Yes

Greatest Activity: First time, move-up and repeat buyers, single-family homes, condos/townhome

Nearest Metro Area: Washington, D.C.

Housing Hot Spots: Entire area

Average Sold Home Price: $315,000

Contact Information
The Dave Therrien Group
443-795-3300
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Mortgage Rates for Jul 26th, 2017
30 year fixed rate: 3.85%
15 year fixed rate: 3.85%
30 year jumbo rate: 4.09%
15 year jumbo rate: 3.69%
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Real Estate Professional, The Dave Therrien Group The Dave Therrien Group
Keller Williams Flagship of Maryland
Specializing in Severn Real Estate
1111 Benfield Blvd.Suite 250
Millersville, Maryland 21144
443-795-3300
Email Me | Receive New Listings by Email
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(Because current market conditions can change rapidly in any given marketplace,
please check with The Dave Therrien Group for current Severn, MD market conditions before acting on this information.)
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