<small>© 2019 Susan Pruden. All rights reserved. Each CENTURY 21 office is independently owned and operated. Listings provided by Bright MLS from various brokers who participate in IDX (Internet Data Exchange).
<small>© 2019 Susan Pruden. All rights reserved. Each CENTURY 21 office is independently owned and operated. Listings provided by Bright MLS from various brokers who participate in IDX (Internet Data Exchange).

Cheverly End-of-summer Market Update

by Susan Pruden
September 4, 2013 I've been pondering the ups and downs of our market so far in 2013. There's no doubt about it, we had a terrific Spring market. It started earlier than usual, in February, and soared along until the end of June.

Cheverly Market from February 2013 through August 2013

All those contracts from March through the early July made for a terrific settlement month in July - 15 settlements! But the number of settlements in a month isn't a good measure of the marketplace. There are several measures that I follow very closely:
  1. Number of contracts written in one month. It doesn't matter how many or how few houses are on the market if no one is making offers on them. This spring, we had oodles of buyers looking and making offers. When the number of contracts written goes up and the number of homes available goes down, you've hit the magic mark (for sellers anyway) of multiple offers.
  2. Number of days on the market (from listing date to contract date). Fewer is better.
  3. Sales chances - how many months of inventory we have. That is basically how many homes are on the market on a given date and how many are selling per month. So if there are 6 homes on the market like we had this spring and we're selling 4 per month, then we have less than 2 months inventory - that's a strong seller's market. By the same token, if we have 15 homes on the market (like today) and we're selling 4 homes per month, then we have almost 4 months supply of houses on the market. That's more of a balanced market, not favoring either the buyer or the seller. I think that's what we're in right now.
What will the fall market bring? That's the big question. Will interest rates stay put? Will the Republican Congress follow through on its threat to shut down the federal government? Last time they did that it devastated the real estate market. It's too early to tell. But today, September 4th, I would say that the hot days of the Spring are over for the time being.

A lifetime Maryland resident, Susan Pruden has the ideal foundation for selling and buying homes. After 8 years working in just about every facet of the mortgage industry, and several years with her own company specializing in marketing for real estate agents, Susan got her real estate license in 1994. Susan has earned several industry awards. The CENTURY 21 Quality Service Pinnacle Award is based on reviews from Susan's clients and is earned by a very small percentage of agents. She has earned that coveted recognition since 2012

Two others were awarded by the Prince George's Association of REALTORS®. The Distinguished Sales Associate of the Year Award is based on a mixture of community involvement, association involvement and real estate education and designations. The other, the Distinguished Service Award, is for "exceptional meritorious service."

Susan is involved in her local community. She was named Cheverly Volunteer of the Year in 2018, even having June 25th designated "Susan Pruden Day" in the Town of Cheverly. She is also a Commissioner on the Prince George's County Historic Preservation Commission and President of the Cheverly American Legion Auxiliary.

Susan Pruden has lived in Cheverly lived with her husband, Joseph, for almost 30 years.

Susan Pruden, REALTORĀ®
CENTURY 21 New Millennium
1000 Pennsylvania Ave SE
Washington, DC 20003
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© 2019 Susan Pruden. All rights reserved. Each CENTURY 21 office is independently owned and operated. Listings provided by Bright MLS from various brokers who participate in IDX (Internet Data Exchange).
<small>© 2019 Susan Pruden. All rights reserved. Each CENTURY 21 office is independently owned and operated. Listings provided by Bright MLS from various brokers who participate in IDX (Internet Data Exchange).
 
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