Maryland’s July 2021 Housing Market Shows Increased Inventory with New Listings Outpacing Pending Sales
ANNAPOLIS, MD – August 12, 2021
Maryland’s July 2021 housing market continued its upward trajectory in sales figures with average prices rising 13.6% to $446,802 and median prices rising 12.1% to $380,000. Since June 2021, months of inventory inched up slightly to 1.1 (in July 2020, it was 2) and median days on market increased by a day to 7 (in July 2020 it was 11). The number of new listings increased 26.4% to 13,205, when compared to July 2020.
Perhaps most interesting is the number of units sold, which softened a little, dropping 3.2% to 9,685, while pending sales rose 4.3% to 10,385.
“Although prices continue to rise and inventory is down year-over-year, we’re seeing new sellers entering the market,” says Dee Dee Miller, Maryland REALTORS® President. “These new sellers are a ray of hope for determined buyers hoping to take advantage of low mortgage rates to buy a home. Given wide acceptance that ‘now is a good time to sell,’ we expect more inventory ahead,” added Miller.
For most of July, new listings outpaced pending sales, which increased availability. This softening of demand may be transitory or seasonal. According to the Bright MLS T3 Home Demand Index of the Baltimore Metro area, higher-priced single-family homes and higher-priced condos continued to record the strongest demand. In contrast, the demand for lower-priced single-family homes remained the weakest among the six types of homes tracked by the Index.
“The Home Demand Index dropped to ‘Moderate’ from ‘High,’ which suggests that buyer interest is starting to subside from the incredibly frantic levels we saw during COVID,” says Dr. Elliot Eisenberg, Bright MLS Economist Advisor. “I’m not ready to outright call it buyer fatigue however: median sales prices are still very strong, and median days on market still stands at 7. Until we see real movement in prices, I believe the small dips are more seasonal, which are more typical of a summer market. Certainly, this market has been anything but typical.”
Maryland REALTORS® is the largest professional trade association in the state, serving over 28,000 members, and is dedicated to preserving the vitality of the real estate market. REALTOR® is a registered collective membership mark which may only be used by those real estate professionals who subscribe to the REALTOR® organization's strict Code of Ethics and who are members of the national, state, and local REALTOR® organizations.
Maryland's monthly housing statistics are reported by MarketStats by ShowingTime and are based on housing data provided by Bright MLS. For the purposes of this report, "units" are defined as the closed sales and "pending units" are properties under contract. Months of Inventory are based on the current active inventory and monthly sales for the corresponding month; data are revised on a regular basis. Readers of these reports should note that older reports have not been adjusted to reflect any revised data. This report, however, contains the latest reliable data to date.
NOTE: UNITS ARE THE "UNITS" SOLD; PENDING UNITS ARE UNDER CONTRACT
**Maryland REALTORS® publishes the Maryland Housing Statistics monthly; it is available through the Association's website, www.mdrealtor.org.
If you are considering selling the real eastate market inventory in Frederick County is at an all time low which makes this one of the best seller's markets I have seen since 2005.Feel free to contact me if you have any real estate questions or considering selling or purchasing a property soon.
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