The Maryland Association of Realtors® (MAR) has released their Maryland Housing Statistics for the Month of October 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 October 2018 ~ Wissel Homes
Maryland October housing statistics reveal a slowing yet active residential sales market, according to Maryland REALTORS.
Active inventory has increased from 23,292 units in September to 23,751 units in October 2018. Year-over-year active inventory has increased as well from 23,301 units in October of 2017.
October 2018 Maryland Housing Statistics: Inventories Grow
In 2017 there were 3.5 months of inventory in October, while this year we have 3.8 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 3.8 months to clear out the active home listings.
Maryland REALTORS® President Merry Tobin had this to say, ”The 3.8 months of available inventory is a negligible increase over the 3.5 months of inventory in 2017, this will to start dampen consumers enthusiasm impacting everyone’s ability to buy or sell,”
A balanced market supply is considered to be in a rage of 6 month to 6.5 months.
October’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 expect to see inventories grow as activity slows.
October 2018 Maryland Housing Market: Inventories Grow
Marylanders can be positive about the 0.9% increase in the average price of October homes year-over-year from 2017 to 2018 from $322,907 to $325,715.
Additionally, the median price in Maryland notched up by 0.5% from $277,746 in 2017 to $279,000 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 7.6% from 6,641 in 2017 to 6,135 in October 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 October was reported at 7,879. This year’s October 2018 number of pending units is 7,426.
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.