October 30, 2018 | Bob Myers
Residential home prices remained strong in September for the  eighth month in a row compared to the same period of 2017, according to  housing statistics released by Maryland REALTORS®.  Average  home prices rose by 4.9 percent, while median prices also rose in  September by 3.6 percent as compared to the same time in 2017.
"The average residential home and median sale prices continued their rise for the eighth month in a row," said Maryland REALTORS® President, Merry Tobin. "While the 3.9 months of available inventory is a negligible increase  over the 3.6 months of inventory in 2017, this has the potential to  start dampening consumers enthusiasm impacting everyone's ability to buy  or sell."

A 6 month to 6.5 month supply is considered to be a balanced market.

The September 2018 sales total of 6,018 represents a decrease of 10.8 percent from the September 2017 total of 6,743.

The September 2018 statewide median sales price was $ $287,700, an increase of 3.6% percent from the September 2017 median of $ $277,746

Pending sales decreased 9 percent in September compared to a year ago to reach 6,918. The average days on market for home sales closed during September was 56, a decrease from 66 in September 2017.

The average sale price compared to original list price for September increased to 96.4% from 95.5% in September of 2017.

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.

*Months  of inventory based on current active inventory and monthly sales for  the corresponding month; Data are revised on a regular basis. Readers of  these reports should note that older reports have not been adjusted to  reflect these revised data. This report, however, contains the latest  reliable data to date.

Finding the right home that’s just right  for your family starts with finding the right agent. Please consider The  Myers Team your resource for all things real estate.  We have over 30 years of real estate experience, specializing in the Montgomery County  area.  If you are refinancing, want a recommendation, need a service provider or just have a home related question, please give me a call at  301-910-9910 or email me at bobmyersteam@gmail.com.


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