"The units pending (units under contract) jumped to 10,108 from 8,571 in 2018, while active inventory decreased from 3.5 months in 2018 to at 3.1 months in 2019", continued Tobin. A 6 month to 6.5-month supply is considered to be a balanced market.
Of note, units sold experienced a drop of 1.8 percent due in large part to the drop in settled sales in Baltimore City as a result of the widely-reported ransomware attack.
"The average and median housing sale prices both climbed at reasonable rates in May", said Maryland REALTORS® President Merry Tobin.
The May statewide average sales price was $367,018 compared to $352,569 in 2018, while median sales price increased to $312,500 from $300,000. Added Tobin, "This jump of 4.1 percent and 4.2 percent, respectively, is robust and may, in the long term, have a negative impact on housing affordability."
The Average Sale Price compared to Original List Price for May decreased slightly from 97.9 percent to 97.8 percent in 2019.
NOTE: UNITS ARE THE "UNITS" SOLD, PENDING ARE UNDER CONTRACT.
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