Maryland’s November housing market entered a slight seasonal slowdown from October yet continued to outpace 2019 with sales coming in 25.6% higher than last year. Average sales prices rose 11.4%; median sales prices rose 12.2% to $342,136. Available inventory remains a key concern. Months of inventory tightened further to 1.2, and while new listings are up from 7,280 in 2019 to 8,051 in 2020, it still represents a drop of 29.7% from the number of new listings in October.
“Despite the seasonal slowdown, sales remain strong,” said Dee Dee Miller, President, Maryland REALTORS®. “While we remain positive on real estate’s continued contribution to Maryland’s economy, we do see some caution signs ahead.”
The largest caution ahead remains the lack of inventory. “Nationally, home sales decreased 39.2%, according to the National Association of REALTORS®. In Maryland, our active inventory dropped 13.1% from October, and the number of new listings dropped 29.7%. Consequently, the average days on the market is one-third of what it was a year ago, from 24 days in 2019 to only 8 in 2020. This market needs more home sellers, and it needs additional housing construction to regain balance between supply and demand.”
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.
