Inventory is down but the average sales price is up.
December was a busy month in Maryland for home sales. The number of units sold rose by 12.6 percent compared to the same time last year. The average price was also higher.
“The average sales price increased from $331,681 to $349,629 and the median price increased from $287,000 to $300,000,” said Maryland REALTORS® President John A. Harrison. “Months of inventory dropped to a low of 2.2 months, compared to 3.7 last year. December was an unusually busy month for settlements, defying the typical fall and early winter slowdown.”
Brisk sales were pushed by a dip in interest rates, but just like many areas of the U.S., buyers faced a shortage of inventory available for purchase. In Maryland, inventory in Maryland was 16, 239 versus 25,511 in December of 2018.
According to data released by the National Association of Realtors, the U.S. is short 3.8 million homes. Even though 5.9 million single-family homes were built between 2012 and 2019, it isn’t enough to offset the 9.8 million new households formed.
“Simply put, new home starts are not keeping pace with demand. Homebuilders have a mountain of opportunity, but a big hill to climb,” said Javier Vivas, director of economic research, realtor.com®. “The current inventory crisis and the need for 3.8 million new homes means a nearly insatiable appetite from potential buyers, especially in the lower end of the market.”
Maple Lawn is a master-planned community in Fulton about seven miles from Columbia Maryland. The community features a mix of single-family homes, condos and townhomes and has a pedestrian-friendly atmosphere.
Maple Lawn has more than 1,300 homes, four parks, a community center with a pool, gym, basketball and tennis courts. The live-work atmosphere boasts walking distance to stores, restaurants including Harris Teeter, Steelfire Grill, Hudson’s Coastal, Looney’s Maple Lawn, McDonald’s, Chipotle and more.
Located halfway between Baltimore and D.C., Maple Lawn has become a popular destination for commuters to both markets. Homes range in size from 1600 to 8000 square feet and start in the high 300s. Currently, there are no new construction homes being built in Maple Lawn proper. Maple Lawn South has new construction opportunities and new lots will be added to Maple Lawn in the future. To get a list of current and future listings for sale in Maple Lawn you can text me at (702) 340-8000 or click here.
Come view some of the greatest homes in the region this weekend!
Century 21 New Millennium is holding an all company Open House weekend on Apr.6 and 7, 2019. Help us kick off the spring market in Maryland and beyond while shopping for a new home. Visit this special link to view all the homes participating in this great event.
Can’t make it this weekend? Give me a call or text at (702) 340-8000 to arrange your private viewing!
Interested in buying home but have questions? We would like to help! Come by our office for light bites and wine on Thursday, Apr.11, 2019 and learn all about buying a house in Maryland! We will have experts on hand to tell you all about:
How home ownership may be cheaper than your monthly rent-stop making your landlord rich!
Tax benefits of home ownership
Credit issues and getting financially “ready” to buy
Rent to Own programs
Property search and negotiating your offer
Successfully getting to the closing table and moving in
You’ll have the opportunity to ask questions in a casual, fun setting. Confidentially find out what your purchasing power is and get advice on what you can do to improve your credit score.
All are welcome. Wine and Light refreshments will be served. Raffles and giveaways that all attendees can participate in.
Maryland REALTORS® announced the final numbers for November and December of 2018. Winter is normally a slower time for the housing market, the state finished out strong with the average home price up 2.2 percent and the median prices up 4.4 percent as compared to the same time last year.
The November 2018 statewide median sales price was $338,336 and $330,196 in December. These both represent a slight increase of 2.2 percent over November 2017 and 2.8 percent over December 2017.