It’s time for the latest update from our Baltimore Metro area real estate market.
The latest numbers from our Baltimore Metro housing market are in, and I’m going to share them with you today.
Let’s start out with the most important statistic: Inventory. Active listings declined by 12.7%, making this the 30th consecutive month of declining year-over-year inventory levels.
Inventory levels right now are at about two-thirds of their 10-year average. This would ordinarily mean that we’re in the ultimate seller’s market, but that’s not really what we’re seeing. There are properties flying off the shelves in Hartford County, Anne Arundel County, and in parts of Baltimore County, but homes in other local areas are sitting on the market for as many as a 100+ days.
Overpricing is one of the main reasons homes may spend more time on the market. For this reason, I always stress to sellers the importance of pricing correctly. If price matches condition when you list your property, your listing should do well.
Moving on, the original list price received at sale was 95.2% in February, which is up from last year’s 94.3%. This is the highest February level for this statistic we’ve seen in 10 years.
Days on market are another important factor to look at in our market. Consider a tomato on a vine. When the tomato gets ripe, you’ve got to pick it. If you leave it on the vine it will just deteriorate. A listing that sits on the market for too long will do the same thing.
“Current conditions would ordinarily mean that we’re in the ultimate seller’s market, but that’s not really what we’re seeing.”
The median days on market was 41 days in February, which is a lower number than we’ve seen in five months.
Also, the median sales price for the Baltimore Metro area is up. As of February, the median was $245,000, which is up 6.5% year over year and 2.5% compared to the previous month.
Sales volume is another area that saw growth since last year, going up 6.8% year over year. However, while a rise in sales volume is good, it can only go up so far. At a certain point, there’s got to be a correction of some point. This has been the case for a very long time.
As a final note, closed sales were up 1.9% year over year, new contract activity was down 3.5%, and the number of new listings went down by 1.3%.
Of course, all of these statistics will vary depending on your area. I would be happy to give you a more in-depth look at your local statistics.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.