Inventory, inventory, inventory…

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The Maryland Association of Realtors just released October housing numbers and the theme of low inventory and increased sales has continued right along in Anne Arundel County (and the Maryland Market in general)

Year over year we saw an increase in settled units of 5.8% to 747, while average home prices fell by 1.4% to $377,204.  (Median prices were actually up 1.7% to $329,000)

The real story here continues to be inventory, which is at a paltry 3.2 Months (Anything under 6 is considered a seller’s market)  Since transaction numbers are actually up, I don’t particularly think the issue is that not enough people are listing their homes.  It’s that we still have more buyers than sellers.

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