February Housing Stats for MD are in and looking strong. What's next?

By
Real Estate Agent with Thompson Company, REALTORS® MD594797

The February 2020 housing stats for Maryland are in, and are looking really strong! There is no denying, we were (and still are at this point) in a seller's market. When the inventory levels (that is the months of active supply) drop well below 3, we consider it to be a market that clearly favors sellers, and brings with it busy days of showings, (very) few days on the market, multiple offer situations, and even escalation clauses. 

As you can see in the chart, the months of supply decreased to just 1.9 - and that is all of Maryland. Some areas/subdivisions have little to no active inventory! Compared to February 2019 the number of sales increased by almost 100 to 5,112, and the average sales price increased by almost 22K to $339,155.

February 2020 Housing Statistics for Maryland

What's next? There's no doubt that Covid-19 will have an impact on the housing market. How much of an impact, or for how long, depends on many factors: how well do we handle social distancing? How successful will we be in flattening the curve? What measures are being implemented to counteract/balance the market and developments? ... and so much more. Time will tell. Right now, Real Estate is still happening. Homes are being listed and sold. We are making adjustments to the way homes are being shown, but we are still showing them! 

The Federal Reserve has cut rates, and has announced emergency measures. The housing market overall is much different than back in 2007/2008. As Lawrence Yun, the chief economist at the National Association of REALTORS points out:

"During the last recession, real estate was on wobbly ground with loose lending and too much supply. Today, there is no subprime lending and too little supply. The real estate market will hold on much better."

I certainly believe so, too! While some homebuyers may be putting their search on hold, others will need to relocate, or downsize, or establish a multi-gen household and/or take advantage of low(er) interest rates. While some industries may (temporarily, I hope) see their revenues decline, others will be thriving in this environment. 

Maryland is a solid market with government jobs, large corporations, the tech industry, and a vibrant small business community (please make an extra effort in supporting your favorite local small businesses!!) - but all Real Estate is local. Contact me for a detailed look at your current subdivision, or one you are interested in, or for advice on how to prep your home for the market, or how to get started buying you first, or next home, or .... anything else! 

Instead of meeting for a cup of coffee, as I would normally do, we can schedule a virtual Happy Hour and discuss your plans from screen to screen :) 

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ANDREA BEDARD, M.A. ~ THOMPSON COMPANY, REALTORS ~ 

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Thompson Company, REALTORS

16910 Oak Hill Rd, Silver Spring, MD 20905
o: (301) 384-9177 c: (240)593-2860

andreabedard.re@gmail.com

Andrea is a REALTOR® based in Silver Spring, MD, who has enjoyed assisting buyers and sellers in Montgomery and Howard County, MD (and beyond) for 15+ years now. She always answers the phone with a smile, enjoys running, hiking, and traveling, speaks German, reads a lot, blogs a little, and drinks too much coffee. 

 

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 Andrea Bedard, Thompson Company, REALTORS: from Just Listed to Just SOLD

 

All photographs are my own and I'd like to keep it that way.
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Topic:
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Location:
Maryland
Tags:
should i wait to buy a house
small business strong
housing statistics for maryland
listing my house during corona crisis
are homes in silver spring selling right now
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Rainmaker
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Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

hi Andrea - great to see this news on housing.  I hope that it continues.

 

 

 

Mar 18, 2020 06:37 PM #1
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Mimi Foster
Falcon Property Solutions - Colorado Springs, CO
Voted Colorado Springs Best Realtor

Thank you for putting this positive outlook on the situation. I am in total agreement, we are not where we were in '08, and I don't believe we're going to go there. Stay well!

Mar 18, 2020 06:54 PM #2
Rainmaker
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Andrea Bedard
Thompson Company, REALTORS® - Silver Spring, MD
M.A.; REALTOR® Silver Spring, MD and beyond

I hope so, too, Grant Schneider!

It is a completely different market Mimi Foster - we are faced with uncertainty, and there will be changes but we are in a much better position to handle all and makes it through alright! You 2! 

Mar 19, 2020 07:38 AM #3
Rainer
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Sally Crane
WMS - Unity, WI
Woodland appraisal support.

Thanks for the update, all the best to you as you get many of these properties listed and sold.

Sally

 

Mar 20, 2020 10:31 PM #4
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Andrea Bedard

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