The Long & Foster Market Minute

Focus On: Lusby and Solomons Island Housing Market March 2021

Zip Code(s): 20657, 20688 and 20629
Units Sold
39
Active Inventory
39
Median Sale Price
$285,000
Days On Market
22
Down
Vs. Year Ago
Down -69%
Vs. Year Ago
Up 3%
Vs. Year Ago
Down
Vs. Year Ago

Units Sold
With relatively few transactions, there was an increase in total units sold in March, with 39 sold this month in Lusby and Solomons Island Real Estate. This month's total units sold was lower than at this time last year, a decrease from March 2020.

Active Inventory
Versus last year, the total number of homes available this month is lower by 86 units or 69%. The total number of active inventory this March was 39 compared to 125 in March 2020. This month's total of 39 is higher than the previous month's total supply of available inventory of 37, an increase of 5%.

Median Sale Price
Last March, the median sale price for Lusby and Solomons Island Homes was $275,450. This March, the median sale price was approximately the same at $285,000. The current median sold price is 3% higher than in March 2020.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.


New Listings
74
Current Contracts
67
Sold Vs. List Price
101.5%
Months of Supply
1.0
Down -1%
Vs. Year Ago
Up 29%
Vs. Year Ago
Up 3.6%
Vs. Year Ago
Down -60%
Vs. Year Ago

Months of Supply
In March, there was 1.0 months of supply available in Lusby and Solomons Island, compared to 2.5 in March 2020. That is a decrease of 60% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

New Listings & Current Contracts
This month there were 74 homes newly listed for sale in Lusby and Solomons Island compared to 75 in March 2020, a decrease of 1%. There were 67 current contracts pending sale this March compared to 52 a year ago. The number of current contracts is 29% higher than last March.

Sale Price to List Price Ratio
In March, the average sale price in Lusby and Solomons Island was 101.5% of the average list price, which is 3.5% higher than at this time last year.

Days on Market
This month, the average number of days on market was 22, lower than the average last year, which was 66. This decrease was impacted by the limited number of sales.

The Long & Foster Market Minute Lusby and Solomons Island are defined as properties listed in zip code/s 20657, 20688 and 20629.
*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by BRIGHTMLS and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of BRIGHTMLS or Long & Foster Real Estate, Inc.