Residential home prices continued to remain stable in March compared to the same period in 2018, according to housing statistics released by Maryland REALTORS®. Median home prices rose by 3.6 percent while average prices dropped by .1 percent as compared to the same time in 2018. "The median residential home and average sale prices both continued to remain stable in March", said Maryland REALTORS® President Merry Tobin.
"The months of available inventory also jumped to 3.2 months in March," continued Tobin. A 6 month to 6.5 month supply is considered to be a balanced market.
The March statewide median sales price was $285,000 compared to $275,000 in 2018, while average price decreased from $326,794 to $326,489. Pending units increased from 9,098 to 9,315, compared to the same time in 2018. The Average Sale Price compared to Original List Price for March increased slightly from 96 percent to 96.1 percent in 2019.
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.
NOTE: UNITS ARE THE "UNITS" SOLD, PENDING ARE UNDER CONTRACT.
*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.
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