Residential home prices made slight gains in October compared to the same period of 2017, according to housing statistics released by Maryland REALTORS. Average home prices rose by .9 percent, while median prices also rose in October by .5 percent as compared to the same time in 2017.
“The average residential home and median sale prices both made slight gains in October”, said Maryland REALTORS President Merry Tobin.
“While 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,” continued Tobin. A 6 month to 6.5 month supply is considered to be a balanced market.
The October 2018 sales total of 6,135 represents a decrease of 7.6 percent from the October 2017 total of 6,641.
The October 2018 statewide median sales price was $279,000 representing a slight increase of .5% percent from the October 2017 median of $277,746.
Pending sales decreased 9.4 percent in October compared to a year ago to 7,426.
The Average Sale Price compared to Original List Price for October increased slightly from 95.8 percent to 96.1 percent from 2017 to 2018. This indicates the market is becoming a seller’s market.
Maryland monthly housing statistics are compiled by data as reported by MRIS/Bright MLS. For the purposes of this report, “units” are defined as the closed sales and “pending units” are properties under contract. Months of inventory are based on the current active inventory and monthly sales for the corresponding month.