Wilson Realty Group continues our weekly series of local market statistics. This week we focus on the Baltimore Region which includes Anne Arundel County, Baltimore City, Baltimore County, Carroll County, Harford County and Howard County.
1. Market Activity – The Baltimore Region has begun to shift from a Sellers Market to a Buyers Market as indicated by a couple of key Real Estate statistics. Closed Sales for December, 2014 totaled 2,742, a 26.7% increase over the same time last year. Active Listings are up 14.1% over December, 2013. Higher levels of inventory in the market suggest the shift is on from the previous Buyers Market to more of a Sellers Market if these trends continue.
2. Median Sold Price – Median Sold Prices remained flat across each segment from November, 2013. Across all segments the Median Sold Price is $230,000, which is 1.7% lower than the same time last year. Condos had the best results growing 5.8% over December, 2013.
3. Average Days on Market – Housing in the Baltimore Region is staying on the market longer than it did earlier in 2014. The ADOM for the Baltimore Region is 89 days which represents a 14.1% increase from last year. Overall lower inventory and positive housing conditions mean houses that go on the market don’t stay on the market very long, but we will continue to monitor this higher ADOM.
4. Average Sold to Original List Price Ratio – This ratio sits just over 91.7% across all segments. This represents a 1.5% dencrease from last year but is also signaling a lower trend in the future that we will keep our eyes on.
While all of these statistics represent relatively news for the Baltimore Region, they are almost all down from 2014 highs. We will continue to track the numbers for January to see if the decreases are a part of a trend or represent an anomoly in the market. Regardless of what is going on in the market, our job at Wilson Realty Group is to make your next move as smooth and as profitable as possible by not wasting any more of your money using yesterday’s outdated real estate processes. So call us today 202-642-5478 to get started. Let’s move!