2020 SALES START STRONG AMIDST INVENTORY CONCERNS
“The average sales price increased from $323,221 to $335,910 and the median price increased from $275,000 to $288,000,” said Maryland REALTORS® President John A. Harrison. “Months of inventory dropped to just 2 months, compared to 3.7 last year, which is a historic low for the state. In addition, the average sale price compared to the original list price was over 100% in Baltimore City. This is the first time in recent memory this occurred anywhere in the state and is another indicator of the impact low inventory is having on the market,” continued Harrison.
“We started the year strong with continued low-interest rates, low unemployment, and rising rents. These factors should encourage healthy buyer demand and position Maryland for a promising start to the spring market,” added Harrison. “A recent policy forum hosted by the National Association of REALTORS® cited affordability as one of the defining policy issues of the decade. Maryland REALTORS® leadership and staff will continue to work with legislators and industry stakeholders to develop solutions for both buyers and renters.”
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.