The Maryland Association of Realtors® (MAR) has released their Maryland Housing Statistics for the Month of November 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 low.
To download a PDF of this information go to: Maryland Housing Market November 2018 ~ Wissel Homes
Maryland November housing statistics reveal a slowing yet active residential sales market, according to Maryland REALTORS.
Active inventory has decreased from 23,751 units in October to 22.232 units in November 2018. Year-over-year active inventory has increased as well from 21,842 units in November of 2017.
November 2018 Maryland Housing Statistics: Inventories Stable
In 2017 there were 3.4 months of inventory in November, while this year we have 4.1 months of inventory – a “relatively” normal market level given our recent history. Inventory is calculated based on the average monthly sales – if no new homes came on the market it would currently take about 4.1 months to clear out the active home listings.
A balanced market supply is considered to be in a rage of 6 month to 6.5 months.
November’s Maryland housing numbers show the effect of the typical seasonal slowdown combined with low, yet growing, inventory. Typically in this season of the later fall months we can see inventories either grow or even shrink. It depends upon which group – buyers or sellers – pull back the most.
November 2018 Maryland Housing Market: Continued Price Increases
Marylanders can be positive about the 2.2% increase in the average price of November homes year-over-year from 2017 to 2018 from $330,912 to $338,336.
Additionally, the median price in Maryland Housing notched up by 0.7% from $283,000 in 2017 to $285,000 in October of 2018.
It’s important to note that Maryland remains an active market for housing, balanced between buyers and sellers. The data across the board supports the increase in prices you’d expect with minimal inventory. Active units and settled units will continue to decrease until inventory levels increase.
Despite the season, there are still positive opportunities for homeowners and buyers alike depending upon the area.
Settled Units dropped by 15.3% from 6,396 in 2017 to 5,417 in November 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 November was reported at 6,837. This year’s October 2018 number of pending units is 6,257.
It’s worth noting that a slower fall season impacted the settlements in November in December compared to the previous year.
This information has been graciously provided by the Maryland Realtors.
The Maryland REALTORS® is the largest Maryland professional trade association, which serves over 24,000 members, and is dedicated to preserving the vitality of the real estate market. REALTOR® is a registered collective membership mark which can 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.