The Maryland Association of Realtors® (MAR) has released their Housing Statistics for the Month of March 2018. The statistics – provided by the Coastal Association of Realtors® (CAR) and MRIS – show that inventory represented in active inventory and months of inventory continues to remain at historical lows.
To download a PDF of this information go to: Maryland Housing Market March 2018 ~ Wissel Homes
March housing statistics reveal an incredibly tight yet moving residential sales market, according to Maryland REALTORS. This reflects the trend this year of decreased sales, and price appreciation that some observers forecasted would result from the lack of inventory.
Active inventory has increased slightly from 17,669 units in February to 18,973 units in March. Year-over-year active inventory has dropped down from 21,197 units in March of 2017.
In 2017 there were 3.1 months of inventory in March, while this year we see only 2.9 months of inventory – an incredibly tight market by either measure. Inventory is calculated based on the average monthly sales – if no new homes came on the market it would currently take about 2.9 months to clear out the active home listings.
March’s Maryland housing numbers show the expected seasonal uptick in Spring homes coming to market tampered by our historical low inventory across the state. Pricing has remained robust and continues to gain.
Marylanders can get excited about the 5.9% increase in the March average price of homes year-over-year from 2017 to 2018 from $308,765 to $327,104.
Additionally, the median price in Maryland increased by 5.4% from $268,998 in 2017 to $283,405 in March of 2018.
It’s important to note that Maryland remains an active market for housing, albeit a sellers market with extremely low inventory. The data across the board supports the increase in prices expected with minimal inventory. Active, pending and settled units will continue to drop until inventory levels increase.
Despite the sellers market, there are still positive opportunities for homeowners and buyers alike depending upon the area.
Settled Units dropped 5.3% from 6,885 in 2017 to 6,518 in March of 2018. Pending units – a category that includes units currently under contract, or which will settle in the future – has decreased as well. In 2017 the number of pending units in March was reported at 9,799. This year’s March 2018 number of pending units is 9,118.
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
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. 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.