Baltimore Real Estate Market on Fire!
Real Estate Market at Record Highs
The Baltimore Metropolitan area median sales price is $279,400, which went up 1.6% or $4,400 from last years, and up 2.1% compared to last month. This was the highest price level since July 2007. Now is the best time to buy or sell your home, the market is operating at one of the highest rates in a decade. The Baltimore Metropolitan area has seen increases in almost every aspect, almost all jurisdictions ( Baltimore county, Carroll county, etc...) have seen increases in market activity.
Baltimore Market Overview
- Sales volume across the Baltimore Metropolitan area was $1.4 billion, which increased 6.6% from last year.
- Closed sales total of 4,509 went up 4.8% compared to last year and set an all-time high for the decade.
- New contract activity of 4,313 was 1.2% above last year’s June record of 4,260.
- There were 5,851 new listings in June, up 0.7% from last year but down 1.6% from last month.
- Active listings declined by 12.6% year-over-year to 11,097, the 21st consecutive month of declining year-over-year inventory levels and the lowest June levels in a decade.
- The average percentage of original list price received at sale in June was 96.6%, up from last year’s 96.1% but down from last month’s 96.8%. This is the highest June level of the decade.
- The median days on market were 19 days, down from 22 days last year, and remains at the lowest monthly level in a decade.
June Average Sales Price
- The overall regional median sale for June is $279,400, which is a 1.6% or $4,400 increase from last year, and up 2.1% or $5,775 from last month. This is the 16th consecutive month of year-over-year price increases and is the highest June price level of the past decade.
- Compared to last June, town home prices were up 6.1% to $219,000 and single-family detached prices were up 2.8% to $350,000. Condo prices were down 2.5% to $204,750.
- Prices are above the 5-year average of $269,010 and the 10-year average of $260,055.
- June prices are 18.6% above the 2011 low of $235,500.
- Howard County continues to be the most expensive area in the region, with a June median sales price of $437,500, a 4.2% increase compared to last year.
- Baltimore City remains the most affordable area in the region, with a June median sales price of $164,000, a 5.8% increase compared to last year.
- The highest level of year-over-year price appreciation was in Carroll County, where prices rose 7.0% to $319,900. Only Harford County saw a decrease in prices compared to last year, where they dropped 3.0% to $252,000.
- For the year-to-date, all jurisdictions show price increases, and the overall regional median sales price has increased 2.5% to $255,210.
June Closed Sales for Baltimore Metro area
- There were 4,509 closed sales in June, up 4.8% compared to last year, and up 13.7% compared to last month. This is the highest overall monthly level of the decade.
- Town home sales were up 9.4% to 1,547, single-family detached sales were up 2.6% to 2,508 and condo sales were up 2.0% to 454, Compared to last year.
- June sales were well above the 5-year average of 3,781 and the 10-year average of 3,166.
- Sales were 90.4% above the 2011 low of 2,368.
- Sales activity across the region was up in all jurisdictions except Howard County, where sales declined 2.1% to 524. Carroll County had the highest percentage increase in number of sales (+8.2% to 302) while Harford County saw the smallest level of increase of 2.9% to 427.
June Median Days on Market
The average days on market (DOM), which the average days listings have been on the market, in June in the Baltimore Metro region was 19 days, down three days from last year and the same as last month. This is the lowest DOM of the last decade.
- Condos had an average DOM of 24 days, while townhouse have a median DOM of 22 days and single-family detached have a median DOM of 17 days.
- June’s average DOM of 19 days is well below both the 5-year average of 24 days and the 10-year average of 39 days.
- June’s average DOM of 19 days was 45 days less than the peak DOM of 64 days in June 2008 and June 2009, and was the lowest June level in a decade.
- Baltimore City had the highest average DOM of 30 days, up from 27 days last year.
- Howard County had the lowest average DOM of 12 days, down from 14 days last year.
- For the year-to-date, the regional average DOM is 29 days, down from 39 days for the same period
Baltimore Real Estate Market Conclusion
The overall regional median sale for June is $279,400, which is a 1.6% or $4,400 increase from last year, and up 2.1% or $5,775 from last month. This is the 16th consecutive month of year-over-year price increases and is the highest June price level of the past decade. Now is the best time to buy or sell your home, the real estate market is operating at close to record highs