MARYLAND HOUSING PRICES JUMPED LAST MONTH
Annapolis, MD, (September 25, 2019) -
Residential housing prices made gains in August compared to the same period in 2018, according to housing statistics released by Maryland REALTORS®. Average home prices rose by 2.7 percent while the median price increased by 3.3 percent as compared to the same time in 2018.
"The average sales prices increased from $352,458 to $361,901 while median increased from $300,000 to $310,00 in August compared to the same time in 2018," said President Merry Tobin. "Pending Units (units under contract) saw a healthy increase from 7,079 units in 2018 to 8,476 units this year. These gains are respectable; however, we are still concerned about the potential long-term negative impact on housing affordability."
"While sales and units saw respectable increases, months of inventory dropped slightly from 3.7 months of active inventory to just 3.0 months," continued Tobin. A 6 month to 6.5 month supply is considered a balanced market.
Baltimore City units sold saw a significant drop being down by 10.3% over 2018. The spring ransomware attack is still impacting city housing sales.
The Average Sale Price compared to Original List Price for August increased modestly from 97.0 percent to 97.1 percent in 2019.
Maryland monthly housing statistics are compiled by data as reported 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.
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.
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