The Maryland Association of Realtors® (MAR) has released their Maryland Housing Statistics for the Month of May 2018. The statistics – provided by the Coastal Association of Realtors® (CAR) and MRIS – show that inventory and prices are climbing.
To download a PDF of this information go to: Maryland Housing Market June 2018 ~ Wissel Homes
June housing statistics reveal an very active spring residential sales market, according to Maryland REALTORS. This reflects the ongoing trend of steadily rising sales prices. These increases can be tied to the tight inventory – a long-term trend that has been in effect for over a year.
Active inventory has increased from 21,791 units in May to 22,733 units in June 2018. Year-over-year active inventory has dropped from 24,150 units in June of 2017.
June 2018 Housing Market: Strong and Competitive into Summer
In 2017 there were 2.6 months of inventory in June, which is what we see again this year at 2.6 months of inventory. These represent an incredibly tight market. Maryland inventory is calculated based on the average monthly sales. If no new homes came on the market it would currently take about 2.6 months to clear out the active home listings.
Despite the same percentage of 2.6 months of inventory year-over-year, this market is actually tighter consisting of fewer homes being listed and sold.
June’s Maryland housing numbers show a typical spring market activity, despite historic low inventory. The Spring market generally brings in move inventory and more active buyers than during the late fall, summer or winter.
Our housing market may have recovered from the lows in 2007-2009, but the breadth and volume still remains muted. There are simply fewer homes on the market today.
Marylanders can be positive about the 2.9% increase in the average price of June homes year-over-year from 2017 to 2018 from $346,353 to $356,494. Additionally, the median price in Maryland increased by 4.0% from $301,345 in 2017 to $313,254 in JUNE of 2018.
Maryland June 2018 Housing Market: Steady Price Increases
It’s important to note that Maryland continues to be an active market for housing, albeit a sellers market with extremely low inventory. The data across the board supports the increase in prices you’d expect with minimal inventory. Our Maryland housing active units and settled units will continue to be depressed until inventory levels significantly increase.
Despite the sellers market, there are still positive opportunities for homeowners and buyers alike depending upon the area.
Settled Units decreased by 5.9% from 9,291 in 2017 to 8,745 in April of 2018. Pending units – a category that includes units currently under contract, or which will settle in the future – has dropped down as well. In 2017 the number of pending units in May was reported at 9,257. This year’s May 2018 number of pending units is 9,043
This information has been graciously provided by the Maryland Realtors.
The Maryland REALTORS® is the largest Maryland professional trade association, serving over 24,000 members, and is dedicated to preserving the vitality of the real estate market. REALTOR® is a registered collective membership mark which may only be used by those real estate professionals who subscribe to the REALTOR® organization’s strict Code of Ethics, and who are members of the National, State and Local REALTOR® organizations
*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. However, this report contains the latest reliable data to date.
The professionals at Wissel Homes know the Central Maryland market because it’s our home too. We live and breathe the local neighborhoods in Howard County, Carroll County, Baltimore County, Anne Arundel County and more. We understand what it takes to get the job done right. Please contact us today to set up an appointment to list your home or to start the home buying process. Let our experience help move you into your dream home.