Maryland's housing market in April and May reveals the impact COVID-19 is having on the state's economy, according to housing statistics released by Maryland REALTORS®*. Units sold in April dropped 14.1 percent year-over-year, and dropped another 32.4
percent as compared to May 2019, the largest decrease seen in more than a decade.
"In May, the average sale price was $365,945, a growth of only .3 percent," said Maryland REALTORS® President John A. Harrison. "The median sale price of $320,000 grew only 2.3 percent. Months of inventory, which was 2.0 in April, dropped slightly more
in May to 1.9."
According to Harrison, these numbers are unsurprising given the recent COVID-related restrictions on buying and selling, and general economic uncertainty.
"One sign that sales may be rebounding can be found in Units Pending, housing transactions under contract," said Harrison. "In April, houses under contract were under 2019 figures by 3,612 but by May, we reached 9,502 units pending, up 213 units from
April 2019. Also, we know that weekly showing activity and new purchase contracts are ahead of last year, giving us additional reason to believe the real estate market is poised for a relatively robust recovery."
Maryland monthly housing statistics are reported by MarketStats by ShowingTime and are based on housing data provided by 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 is 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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