Annapolis, MD, (January 17, 2019) -
Residential home prices continued to make gains in November and December compared to the same period in 2017, according to housing statistics released by Maryland REALTORS®. Average home prices rose by 2.2 percent and 2.8 percent respectively, while median prices rose in the last two months of 2018 by .7 percent and 4.4 percent as compared to the same time in 2017.
"The average residential home and median sale prices both continued to make gains in November and December", said Maryland REALTORS® President Merry Tobin.
"The months of available inventory fluctuated from 4.1 in November to 3.8 in December," continued Tobin. A 6 month to 6.5 month supply is considered to be a balanced market.
"The months of available inventory fluctuated from 4.1 in November to 3.8 in December," continued Tobin. A 6 month to 6.5 month supply is considered to be a balanced market.
Both November and December had declines in units sold. November saw units sold down by 15.3 percent and 21.3 percent in December.
The November 2018 statewide median sales price was $338,336 and $330,196 in December. These both represent a slight increase of 2.2 percent over November 2017 and 2.8 percent over December 2017.
The November 2018 statewide median sales price was $338,336 and $330,196 in December. These both represent a slight increase of 2.2 percent over November 2017 and 2.8 percent over December 2017.
Pending units decreased from 6,847 to 6,257 in November and 5,575 to 5,201 in December compared to the same time in 2017.
Maryland monthly housing statistics are compiled by data as reported by MRIS/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.
NOTE: UNITS ARE THE "UNITS" SOLD, PENDING ARE UNDER CONTRACT.
*Months of inventory based on 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 these revised data. This report, however, contains the latest reliable data to date.
NOTE: UNITS ARE THE "UNITS" SOLD, PENDING ARE UNDER CONTRACT.
*Months of inventory based on 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 these revised data. This report, however, contains the latest reliable data to date.
**Maryland REALTORS® publishes the Maryland Housing Statistics monthly; it is available through the Association's website, www.mdrealtor.org.
If you are considering selling a property now would be the ideal time. Feel free to contact me if you have any real estate questions or considering selling or purchasing a property soon.
