With another month of 2016 come and gone, we now have the data from Baltimore’s real estate industry for February. There are positives and negatives as always, and this month’s data serves as a reminder of what a different landscape we are in compared to last year at the same time.
This past February marked the sixth month in a row where inventory declined in the greater Baltimore area. However, in this same month, home sales in the area actually increased by over 20%. That said, the average sales price of homes in the region went unchanged from the previous year, remaining at an average of $225,000. These figures are reported by RealEstate Business Intelligence, a local research firm.
Last year at the same time, the number of homes sales were on the rise. In February 2015, there were 2,248 homes sold. This was a jump from the number of homes sold in January 2016, which totaled to 1,861. An increase like this was not unheard of last year. February 2015 was the 15th month in a row of double-digit increases in home sales. While it’s a shame that in our present market inventory is decreasing, it is encouraging that home sales are still trending upward.
Listings, Prices, and Days on the Market
Although home sales are on the rise, the amount of homes being put up for sale is decreasing. This month there was a decrease of almost 6% in active listings. This figure marks the biggest drop since August 2013. In summary, the supply of new listings is dwindling, but the demand for purchasing a new property is increasing.
Another relevant piece of data to analyze is the amount of time each listing currently stays on the market. By the end of February, homes remained for sale an average of 66 days from the day of the initial listing price. This is one day less than in February of 2015. Additionally, homes sold in February 2016 were purchased at 92% of the original asking price last month.
Baltimore Area Home Sales
The Baltimore area comprises Baltimore City, Anne Arundel, Harford, Baltimore, Howard, and Carroll counties. Each area showed the following increase in their home sales during February:
- Baltimore City: 19.9%
- Anne Arundel: 17%
- Harford: 25.3%
- Baltimore: 17.6%
- Howard: 30.3%
- Carroll: 31.3%
Baltimore Area Home Prices
The Baltimore area saw the following changes to median sales prices:
- Baltimore City: $1,000 increase
- Anne Arundel: $8,000 decline
- Harford: $3,000 decline
- Baltimore: $14,000 increase
- Howard: No change
- Carroll: $1,000 increase
Lakeside Title Company: Maryland Title Insurance & Closing Services
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