Md. res­i­den­tial home prices made slight gains in Oc­to­ber

The Star Democrat - - REAL ESTATE -

Deb­o­rah Ruz­icka of St. Michaels has joined the Ch­e­sa­peake Bay Mar­itime Mu­seum as its ad­vance­ment ad­min­is­tra­tive as­sis­tant. To learn more, visit cbmm.org.

AN­NAPO­LIS — Res­i­den­tial home prices made slight gains in Oc­to­ber com­pared to the same pe­riod of 2017, ac­cord­ing to hous­ing statis­tics re­leased by Mary­land Real­tors. Av­er­age home prices rose by 9.4 per­cent, while me­dian prices also rose in Oc­to­ber by 5 per­cent as com­pared to the same time in 2017.

“The av­er­age res­i­den­tial home and me­dian sale prices both made slight gains in Oc­to­ber,” Mary­land Real­tors Pres­i­dent Merry Tobin said.

“The 3.8 months of avail­able in­ven­tory is a neg­li­gi­ble in­crease over the 3.5 months of in­ven­tor y in 2017, this will to start dampen con­sumers en­thu­si­asm im­pact­ing ever yone’s abil­ity to buy or sell,” Tobin said. A 6-month to 6.5-month sup­ply is con­sid­ered to be a bal­anced mar­ket.

The Oc­to­ber 2018 sales to­tal of 6,135 rep­re­sents a de­crease of 7.6 per­cent from the Oc­to­ber 2017 to­tal of 6,641.

The Oc­to­ber 2018 statewide me­dian sales price was $279,000 rep­re­sent­ing a slight in­crease of 0.5 per­cent from the Oc­to­ber 2017 me­dian of $277,746.

Pend­ing sales de­creased 9.4 per­cent in Oc­to­ber com­pared to a year ago to 7,426.

The av­er­age sale price com­pared to orig­i­nal list price for Oc­to­ber in­creased slightly from 95.8 per­cent to 96.1 per­cent from 2017 to 2018. This slight in­crease in­di­cates the mar­ket is be­com­ing a seller’s mar­ket.

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.

The Mary­land Real­tors is the largest Mary­land pro­fes­sional trade as­so­ci­a­tion serv­ing over 25,000 mem­bers and is ded­i­cated to preser ving the vi­tal­ity of the real es­tate mar­ket. Real­tors is a reg­is­tered col­lec­tive mem­ber­ship mark which may only be used by those real es­tate pro­fes­sion­als who sub­scribe to the Real­tors or­ga­ni­za­tion’s strict Code of Ethics, and who are mem­bers of the na­tional, state and lo­cal Real­tors or­ga­ni­za­tion.

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