Real Estate

Home prices continue to rise in Baltimore as inventory shrinks

Baltimore-area home sale prices were up again in May, with the stock of homes for sale continuing to decline, according to data provided by MarketStats by ShowingTime based on listing activity from Bright MLS, the region’s multiple listing service.

It was the 33rd consecutive month of declining year-over-year inventory in homes for sale. But the inventory drop appears to be slowing, as April was the first month in nearly two years that the decline was below 10%. There were 9,822 active listing at the end of May, a 6.4% fewer than a year earlier.

Colorful row houses along Guilford Avenue in Baltimore.

Adobe Stock

The median sale price for the region rose to $275,000, up $1,375 from last year and $7,100 — 2.7% — from last month. It was the highest May price of the decade.

Sales volume and new contract activity were both down a bit from last year. the sales of 3,850 homes closed last month, down 2.9% compared with May 2017, but up 15% from April.

At 15 days, the median number of days homes spent on the market was down four days from last year and three days from last month. Baltimore City has the longest stretch on the market at a median of 25 days, while Howard County had the shortest time for sale at 8 days.

Howard County continues to have the highest average sale price at $420,000, though it was down 2.9% from last year. Anne Arundel had the second highest average sale price at $342,250, basically flat compared with last year. Carroll was third in average price at $312,500, down slightly from last year.

Average sale prices in Harford ($270,000) and Baltimore counties ($238,000) were up, as were average sale prices in Baltimore City ($166,250), which rose 6.6%, the most in the region.

Tribune Content Agency

Source link

Show More

Pin It on Pinterest