Median sales price for the Baltimore Metro region hits $300,000 in June

Baltimore Metro median sales price establishes new all-time record; Sales continue to decline; Inventories virtually unchanged

Rockville, MD – (July 11, 2019) – The following analysis of the Baltimore Metro Area housing market has been prepared by Elliot Eisenberg, Ph.D. of MarketStats by ShowingTime and is based on June 2019 Bright MLS housing data.

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OVERVIEW

• The Baltimore Metro area median sales price rose to an all-time high of $300,000, appreciating 5.3% over last year and exceeding last month’s record-setting $293,000 by 2.4%.
• However, sales volume of around $1.3 billion was down 1.7% from last year.
• Closed sales of 3,881 were down 8.3% compared to last year and year-over-year closed sales have now decreased for ten consecutive months. 
• New pending sales of 4,330 were virtually the same as last year.
• New listings declined by 3.8% to 5,440, just the third time in the last year that year-over-year new listings have declined.
• There were 10,170 active listings at the end of June, up just 0.3% from last year.  This is the ninth consecutive month of increases in year-over-year inventories, albeit the smallest.
• The June average percentage of original list price received at sale was 97.4%, the same as last year.

• June’s overall regional median sales price of $300,000 was, by far, the highest overall price of the decade.  Prices were up 5.3% or $15,000 from last year and were up 2.4% from last month.
• Condo prices were up 8.7% to $235,000, townhome prices were up 7.7% to $234,950, and single-family detached prices were up 4.2% to $375,000.
• Prices are well above the 5-year average of $279,860 and the 10-year average of $266,555.
• Prices are 27.4% above the June 2011 low of $235,500.
• Howard County continues to have the highest prices in the region, with a June median sales price of $445,450, down 0.6% from last year.
• Baltimore City remains the most affordable area, with a June median sales price of $194,000, up 14.1% from last year, the largest percentage gain in the region.
• Prices went up in all other jurisdictions in the region.  After Baltimore City’s 14.1% gain, Anne Arundel County (+11.2% to $378,135) saw the next largest percentage increase, followed by Carroll County (+6.0% to $345,000), Baltimore County (+4.4% to $260,000) and Harford County (+2.5% to $283,000).
• For the year-to-date, regional prices are up 3.8% to $275,000.

• Closed sales of 3,881 were down 8.3% compared to last year, making this the tenth consecutive month of declining year-over-year closed sales and the largest year-over-year decline since this past February.  Sales were up 2.5% from last month.
• Single-family detached sales were down 4.6% to 2,195, while townhome sales were down 7.1% to 1,363, and condo sales were down 30.3% to 322. 
• June sales are below the 5-year average of 4,159 but remain above the 10-year average of 3,476.
• June sales were 63.9% more than the trough of 2,368 seen in June 2011, but they were 13.9% below the 2017 peak of 4,509.
• Sales activity across the region was down, with Harford County seeing the smallest percentage decline (-4.3% to 422), followed by Anne Arundel County (-6.2% to 918), Baltimore County (-8.3% to 1,044), Baltimore City (-9.5% to 817), Howard County (-11.4% to 442) and Carroll County (-11.9% to 238).
• For the year-to-date, sales across the region are down 2.1% to 19,163.

• Coming off of three consecutive months of increases in year-over-year new pending sales, this month new pending sales were flat at 4,330, and were down 11.5% compared to last month.
• Pending sales of single-family detached homes were up 2.3% to 2,352 and townhome pending sales were up 2.0% to 1,594, but condo pending sales were down 18.3% to 383.
• Pending contracts are above the 5-year average of 4,260 and the 10-year average of 3,543.
• The number of new pending contracts in June was 119.0% more than the 10-year market low of 1,977 seen in June 2010.
• Across the region, new pending results were mixed, with the largest percentage gain in Howard County (+15.5% to 515) and the largest percentage decline in Carroll County (-14.0% to 252).

• June’s new listings were down 3.8% compared to last year to 5,440.  This was a 16.0% decline over last month, more than the normal seasonal change.
• New townhome listings increased 2.9% to 2,047, but new single-family detached listings were down 5.5% to 2,978 and new condo listings decreased 18.8% to 415.
• New listings are below the 5-year average of 5,649 but are above the 10-year average of 5,029.
• The number of new June listings exceeded the 2012 market low of 3,786 by 43.7% but are 7.0% below the 2017 peak of 5,851.
• New listing activity across the region was mostly down, with only Harford County seeing an increase (+5.6% to 545).  The smallest decline in new listings was in Baltimore County (-0.6% to 1,409) and the largest was in Carroll County (-12.3% to 307).
• For the year-to-date, new listings are up 1.6% to 31,504.

• Active inventories remain virtually flat at 10,170, up just 0.3% from last year and up 0.8% from last month. 
• Year-over-year townhome inventories were up 1.6% to 3,520 and single-family detached inventories were up 1.2% to 5,909, but condo inventories were down 11.3% to 737.
• Inventories remain well below both the 5-yr average of 11,625 and the 10-yr average of 13,117.
• June inventories are 44.7% below the peak level of 18,392 seen in 2010.
• Inventory levels are up in Baltimore City (+5.0% to 3,124) and in Baltimore County (+0.4% to 2,306), flat in Harford County at 792, and are down in Anne Arundel County (-2.2% to 2,447), Carroll County (-3.5% to 575), and in Howard County (-4.8% to 926).

• The average sales price to original listing price ratio (SP to OLP ratio) for June was 97.4%, the same as last year’s record June level and down from last month’s 97.6%.
• Single-family detached homes have a SP to OLP ratio of 97.6%, while townhomes have a SP to OLP ratio of 97.1% and condos have a SP to OLP ratio of 96.8%.
• This June’s SP to OLP ratio remains well above both the 5-year average of 96.5% and the 10-year average of 94.8%.
• Over the last decade, the lowest June average sales price to original listing price ratio was in 2011 when it was 89.6%.
• Howard County had the highest SP to OLP ratio in the region at 98.7%, down from last year’s 99.0%.
• The lowest SP to OLP ratio is Baltimore City’s 94.9%, down significantly from last year’s 95.8%.
• For the year-to-date, the regional SP to OLP ratio is at 96.7%, down from 97.5% for the same period last year. 

About the Baltimore Metro Housing Market Update

The Baltimore Metro Area Housing Market Update provides unique insights into the state of the current housing market by measuring the number of new pending sales, trends by home characteristics, and key indicators through the most recent month compiled directly from Multiple Listing Service (MLS) data in ShowingTime’s proprietary database. The Baltimore Metro Area housing market includes the City of Baltimore, Anne Arundel County, Baltimore County, Carroll County, Harford County and Howard County in Maryland. Data provided by MarketStats by ShowingTime, based on listing activity from Bright MLS.

About Bright MLS

The Bright MLS real estate service area spans 40,000 square miles throughout the Mid-Atlantic region, including Delaware, Maryland, New Jersey, Pennsylvania, Virginia, Washington, D.C. and West Virginia. As a leading Multiple Listing Service (MLS), Bright serves approximately 85,000 real estate professionals who in turn serve over 20 million consumers. For more information, please visit www.brightmls.com.

About Elliot Eisenberg

Elliot Eisenberg, Ph.D. is the Chief Economist of GraphsandLaughs, LLC, a firm specializing in economic consulting and data analysis.  He is a frequent speaker on topics including: economic forecasts, economic impact of industries such as homebuilding and tourism, consequences of government regulation, economic development and other current economic issues. Dr. Eisenberg earned a B.A. in economics with first class honors from McGill University in Montreal, as well as a Masters and Ph.D. in public administration from Syracuse University. Eisenberg was formerly a Senior Economist with the National Association of Home Builders in Washington, D.C.   He is a regularly featured guest on cable news programs, talk and public radio, writes a syndicated column and authors a daily 70 word commentary on the economy that is available at www.econ70.com.