Thinking of Buying, Selling or Investing in Real Estate in Southern Maryland (Calvert, St. Mary’s and Charles Counties), Southern Anne Arundel or Central Prince Georges? Call me 410-474-9818 or email me: info@TammyVitale.com – let’s chat over coffee and plot the road to your dreams! Browse here
The housing statistics below are taken from Maryland Association of Realtors’ (MAR) website.
For those of you who like the nitty-gritty stuff, have a look at this chapter on the basic economics of real estate demand from Harvard.
If you don’t like the heavy stuff with graphs and maps, try this from SmartGrowthSeattle.com:
When price goes up the financial incentives to develop housing go up too. More people want the product, the price is higher, and new producers want to get a piece of that business. Vacancy rates drop, prices go up, more suppliers enter the market, competition ensues, prices fall, suppliers hold back, prices go up, repeat. That’s how the cycle works, at least for people who put real money into housing.
Apply that to MAR’s stats above and you will see that of Anne Arundel, Calvert, Charles, Prince George’s and St. Mary’s Counties in MD, only Prince George’s housing supply has increased (by .1) over 2015. But their supply is already so low, I would suggest that the increase does little to lower prices.
The decreases in housing supply would indicate an uptick in housing prices in these counties. And that’s what you see in all but Anne Arundel, whose prices were already higher than the surrounding counties.
Learning to read statistics like these can help you as you plot your personal and investment real estate plans.
I’m always happy to share my passion and know how to support your dreams! (contact info: 410-474-9818, info@TammyVitale.com).
Do you have real estate questions? Leave them here in the comments and I’ll answer them in the comments as well as sending you an email.