The Long & Foster Market Minute

Focus On: Severna Park Housing Market October 2022

Zip Code(s): 21146
Units Sold
Active Inventory
Median Sale Price
Days On Market
Vs. Year Ago
Up 82%
Vs. Year Ago
Down -2%
Vs. Year Ago
Down -10%
Vs. Year Ago

Units Sold
With relatively few transactions, there was a decrease in total units sold in October, with 20 sold this month in Severna Park Real Estate. This month's total units sold was lower than at this time last year, a decrease from October 2021.

Active Inventory
Versus last year, the total number of homes available this month is higher by 28 units or 82%. The total number of active inventory this October was 62 compared to 34 in October 2021. This month's total of 62 is lower than the previous month's total supply of available inventory of 79, a decrease of 22%.

Median Sale Price
Last October, the median sale price for Severna Park Homes was $614,500. This October, the median sale price was $602,000, a decrease of 2% or $12,500 compared to last year. The current median sold price is 4% lower than in September.

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

New Listings
Current Contracts
Sold Vs. List Price
Months of Supply
Down -21%
Vs. Year Ago
Down -35%
Vs. Year Ago
Up 1%
Vs. Year Ago
Up 230%
Vs. Year Ago

Months of Supply
In October, there was 3.1 months of supply available in Severna Park, compared to 0.9 in October 2021. That is an increase of 228% 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 26 homes newly listed for sale in Severna Park compared to 33 in October 2021, a decrease of 21%. There were 22 current contracts pending sale this October compared to 34 a year ago. The number of current contracts is 35% lower than last October.

Sale Price to List Price Ratio
In October, the average sale price in Severna Park was 100.7% of the average list price, which is 1.0% higher than at this time last year.

Days on Market
This month, the average number of days on market was 19, lower than the average last year, which was 21, a decrease of 10%.

The Long & Foster Market Minute Severna Park are defined as properties listed in zip code/s 21146.
*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.