Ocean City Today

Maryland home sales see gains in March numbers

Real Estate Report
By Lauren Bunting | Apr 13, 2017

(April 14, 2017) The Maryland Association of Realtors (MAR) recently released information on sales for the first quarter of 2017.

They reported that home sales ended on a high note with an 18.8 percent increase. Throughout the state, overall home sales increased by more than 1,000 units, with 6,850 units settled compared to last year’s settled units’ number of 5,768. Also, all jurisdictions in the state recorded positive numbers with the exception of Somerset County.

Other sales figures reported were that both average and median prices rose by 6.2 and 6.8 percent respectively as compared to March of 2016. The average sales price in March of 2017 was $309,102, and the median price was $269,204. The average sales price is the weighted average of sales prices in a county, calculated by weighting the price of homes by the number of homes sold.

The median price is the middle value of the prices of all homes sold in the period. And, in 2017 the pending units figure for March was 9,832, as compared to 2016 they were 9,584.

“We are pleased by the robust turnaround in homes sales in March,” MAR President Shelly Murray said. “Coupled with the strong increases in both average and median prices, this is indicative of a healthy market. While strong sales are good for counties with a large backlog of inventory, there is some concern in counties with low inventory. It could limit choice for buyers in the coming months.

“We look forward to an active spring market with increased consumer engagement,” Murray added.

Maryland monthly housing statistics are compiled by data as reported by MRIS and the Coastal Association of Realtors. 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.

MAR publishes the Maryland Housing Statistics monthly; it is available through the Association’s website, www.mdrealtor.org.

— Lauren Bunting is a licensed Associate Broker with Bunting Realty, Inc. in Berlin.

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