DECEMBER 2020 MARYLAND Housing Statistics

By
Real Estate Broker/Owner with Mackintosh REALTORS 82894
December 2020 Housing Data Show Strong Sales Despite the Seasonal Slowdown as Inventory Shows Further Tightening
 
ANNAPOLIS, MD – January 26, 2021
 
Maryland’s December housing market closed out the year with strong sales that surpassed 2019 statistics, with a 22.8% increase in sales, despite the traditional seasonal slowdown. Average sales prices rose 12.8%, while median sales prices increased 11.2%. Months of inventory dropped even further from November 2020’s 1.2 to 1.0 for December. While new listings are up from 5,126 in 2019 to 6,515 in 2020, it also represents a 43.1% decrease in the number of new listings from October 2020. 
 
“Sales are up, they remain strong, and they are significantly ahead of 2019 numbers,” said Dee Dee Miller, President, Maryland REALTORS®. “This time of year normally represents a seasonal slowdown, but sales and sales prices don’t bear that out. The biggest concern remains available inventory, as months of inventory has dropped further. The market needs more homes for sale.”
 
A shrinking inventory base remains the primary concern. While months of inventory started falling before the pandemic, the recession that followed did not lead to a distressed seller's inventory, as is normally the case following a recession, according to Danielle Hale, Chief Economist for Realtor.com. Instead, sales have soared, and base of available homes for sale has tightened.
 
“While Maryland on average has one month of inventory available, in many areas of the state it’s less than that,” said Miller. “Several counties are even below one month. Carroll County’s December sales were more than 30% higher than last year, but the county only has a little over two weeks inventory remaining. Every county needs additional homes on the market, and this inventory needs to come from sellers, as new home construction will not come soon enough to address this situation. Maryland REALTORS® is committed to finding solutions to the shortage of housing, which has a direct negative impact on affordability and the attainment of the American Dream.”
 
 
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.
 
**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.

Comments (2)

Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

Home buyers and sellers in your area are sure to value your real estate market report, Buzz.

Feb 10, 2021 04:45 PM
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

thanks for the market update - this is a very nice presentation sure to provide great information for buyers and sellers alike

Feb 11, 2021 04:03 AM