Despite all of the negative reports about the real estate market that we’ve all been hearing for nearly two years now, our local market is not doing that badly. According to the Metropolitan Regional Information Systems (MRIS – our MLS) data for Baltimore County, housing inventory is down from last year and pending sales are up. In fact, according to MRIS, in August 2008 there was a 10.4 months supply of homes and in August 2009 there was a 6.7 months supply. Six months worth of inventory is considered a normal housing market.
This is very good news because real estate is all about supply and demand. If less homes are listed each month and demand remains relatively the same has it has been over the last several months, we will begin to see a shift from a strong buyer market toward a normal market and a stabilization of prices.
The median sales price in Baltimore County is $225,000 which is down about 10% from last year and the average days on market is 114 which is slightly higher than last year’s 103 days before contract. The statistics are similar for the Greater Metropolitan Area.
The percent of original list price received at sale is as follows:
Anne Arundel County 91.3%
Baltimore City 89.5%
Baltimore County 92.5%
Carroll County 92.2%
Harford County 92.6%
Howard County 94.1%
So there is good news on the housing front for those of us in this market. Local employment remains strong, the school systems are still desirable, and foreclosure rates in Maryland are low compared to other parts of the country – all important factors that affect real estate.
If you are a First-Time Buyer and would like to learn the home buying process, attend our FREE Seminar.
Wishing you sunshine everyday and the home of your dreams,
Jeri
