ANNAPOLIS, MD - June 14, 2020
Maryland’s housing market in June rebounded significantly from the drop in sales seen in April and May. June witnessed 8,259 total units sold. While this represents a drop of -6.8 percent from June 2019, it marks a 36.4 percent increase from the total units sold in May. Inventory, however, remains a challenge.
“While inventory continues to tighten, June’s housing statistics demonstrate that the housing market is truly contributing to this economy,” said Maryland REALTORS® President John A. Harrison. “From May to June, average sales prices rose from $365,945 to 377,395. Median sales prices rose as well from $320,000 in May to $330,000 in June.”
According to Harrison, available inventory remains the biggest struggle. Active Inventory dropped in June to 12,153 from May’s total of 13,838, a decrease of 12.2 percent. “On a year-over-year basis, months of inventory dropped from 3.6 in 2019 to 1.7 in 2020. We are seeing multiple offers, sometimes as many as 15 to 20 on available properties.”
In the 2020 Market Recovery Survey from the National Association of REALTORS®, 11 percent of respondents reported that no sellers have returned to the market; 20 percent reported that less than 25 percent of sellers have returned to the market; and 17 percent reported that 25 to 50 percent of sellers have returned.
Maryland's 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; data are revised on a regular basis. Readers of these reports should note that older reports have not been adjusted to reflect any revised data. This report, however, contains the latest reliable data to date.
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 email@example.com.