February 2021 MARYLAND Housing Statistics

By
Real Estate Broker/Owner with Mackintosh REALTORS 82894
 
 
Increase in Sales
Amidst a Shrinking Median Days on Market
 
 
 
 
 
ANNAPOLIS, MD – March 15, 2021
 
Maryland’s housing market continued its robust sales pace in 2021 with strong February sales figures that outpaced the previous year’s sales by 12.3%. The average sales price, $383,743, reflected an increase of 13.9% from February 2020’s figure of $336,841, while the February 2021 median sales price of $325,000 outpaced the previous year, $295,000, by 10.2%.
 
The ongoing concern—months of inventory—remains at 0.8, yet further squeezed by median days on market, which was ten days in January 2021 and now stands at eight days for February 2021. In February 2020, median days on market stood at 29 days. Rising interest rates can also put a squeeze on buyers.
 
“There’s no doubt that buyers, sellers, and REALTORS® are feeling this squeeze, especially new homebuyers entering the market,” said Dee Dee Miller, 2021 President, Maryland REALTORS®. “With diminishing months of inventory and the rapidity of how quickly homes are sold, we need to find solutions at the state and federal level to open the market further to first-time homebuyers.”
 
Dr. Lawrence Yun, NAR Chief Economist, has forecasted a 10% increase in home sales in 2021. He also sees other opportunities that could help first-time homebuyers. "The Biden Presidency could bring several impactful changes to the housing market," said Yun. Citing one example, "the first-time homebuyer tax credit [Biden] proposed as a candidate would help Americans cover their down payment costs and is likely firmer assurance of government guarantees to mortgages backed by Fannie Mae and Freddie Mac."
 
                                                     
 
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.
 
**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)

Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

Thanks for sharing your market update with us Buzz. Buyers & sellers in your area will appreciate the work you put into this. Have a great day!

Mar 16, 2021 01:58 PM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Buzz this is valuable information for both Buyers and Sellers in your area.

Mar 16, 2021 04:56 PM