The Central Maryland October Housing Report shows that Median listing prices continue to grow at 12.9 percent over last year.
Economists, market watchers, and most especially buyers have been looking for signs of a slowdown in the housing market that has been red hot since its post-pandemic recovery. So far, at least, the median listing price continues to defy gravity.
New listings were down 12 percent. The new listings trend took another step back this week. Earlier in the year, new listings growth was tied closely to the prevalence of coronavirus spread in various housing markets. The second week of larger declines in new sellers could be related to rising new coronavirus cases.
Total inventory was down 39 percent. After five steady weeks at 38 percent, the total number of homes available for sale shrank by a slightly larger amount this week. Fewer new sellers coming to market while a greater than a usual number of buyers continue to search for a home causes inventory to continue to evaporate.
Houses Sold
October 2020: 3557
October 2019: 2740
MTM Change: -23%
Days on Market: Seller
DOM Oct. 2020: 19
DOM Oct. 2020: 40
YTY Change: -53%
Days in Market: Buyer
DIM Oct. 2020: 19
DIM Oct. 2019: 53
YTY Change: -64%
Median List Price
October 2020: $342,450
October 2019: $335,000
MTM Change: 1.02%
Median Sold Price
October 2020: $350,000
October 2019: $325,000
MTM Change: 1.08%
Mortgage Rate as of November 19, 2020
Mortgage Rate YTY- 30 Yr. Fixed
November 19, 2020: 2.72%
October 19, 2020: 2.81%
MTM Change: -3.2%
November 19, 2019: 3.66%
YOY Change: -26%
If you are in the market for buying or selling a home, Vinny Steo is your best choice in Bel Air, Maryland to help you. Call us at 410-220-0016 or fill out the form below.
