Davidsonville is a stable community with many neighborhoods of large, custom and expensive homes. There is little turnover and it's rare that we see more than 10 sold listings in a month, even in the best of markets. The number of sold listings recently, however, has been five or fewer - with no sold listings at all in August.
With so few sales, one home at the high or low end of the price range can dramatically impact the monthly statistics up or down. That's why I prefer to consider several months.
Five of the past six months, new listings have outnumbered sold listings. Until these numbers are more closely aligned over a period of several months, it will remain a buyer's market. Supply and demand... that's what it's all about!
In November, there were four home sales and thirty three listings - at this rate, it would take eight months for today's inventory of homes to sell IF no other homes came on or went off the market.
Sellers: Every showing is important, so try to avoid saying "no" when a prospective buyer wants to see your home. Keep your home show-ready at all times, because you may receive short notice for an appointment. If you receive a written offer, take it seriously because a written offer is the first step in home sale negotiations. It's likely the final sale price will end up somewhere in the middle between your list price and a prospective buyer's first offer, and other considerations will impact the desirability of the offer: Are the buyers well qualified? Is their offer contingent on the sale of another property?
If your home isn't being shown, you probably need to lower the price to attract prospective buyers. If your home is being shown but it hasn't sold, you probably need to lower the price. Unfortunately, it will probably be several years before we see consistently higher prices in real estate. It takes a buyer to have a sale, and today's buyers have many options in Davidsonville and other nearby areas.
Buyers: If you've been wanting to move up to a larger, more expensive home in Davidsonville, this may be your chance. Let me help you figure out whether you can make this leap without selling your current home - rentals are in high demand, and renting your current home instead of selling may be an option for you.
And don't be afraid to make an offer. This is a buyer's market, and most sellers expect a low offer. A serious seller will make a counter-offer somewhere between your price and theirs; hopefully you can come to an agreement on the home of your choice. If not, there's a huge inventory of other homes available for sale. One of them will be just right for you.