2013 Housing Market The Year On A High Note

DECEMBER 2013 HOUSING STATISTICS END THE YEAR ON A HIGH NOTE

The trend of a recovering Maryland real estate market was reflected in December housing statistics, according the Maryland Association of REALTORS® (MAR). The number of homes sold statewide jumped by 10.4 percent, or more than 450 units,compared to December 2012. Pending home sales declined slightly, less than 1 percent, as inventory of homes for sale declined another month. Average price rose by 2.3 percent, from $299,759 to $306,686, while median price climbed 4.7 percent, to $255,183.

“This is an encouraging end to a year of recovery,” said MAR President Russ Boyce.  "This level of increase in sales and prices are signs of a stable market," he noted, "though the continued low level of inventory suggests growing demand that may push prices higher."  December’s inventory of 4.9 months’ supply continued below the six months considered necessary for a strong and balanced market.

 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.

So far 2014 is looking up also.  Howard County has a shorter supply if home on the market at this time.  If you like more details about your neighborhood, please just contact me.