The relative shortage of houses for sale in the Baltimore region continues to push up sales prices, with the median price of a home in July up 2.6 percent from this same month last year to $277,000.
Sales volume continued to climb further eroding the inventory of homes for sale. The number of sale closings last month surged 6.5 percent to 3,822, the highest July level in a decade, according to data provided by MarketStats by ShowingTime.
But active listings fell to 10,047 at the end of July, down 8.2 percent, the fewest in July for the past decade and the 35th consecutive month of declining year-over-year inventory levels, according to data, which is based on listing activity from Bright MLS.
Sellers were getting close to what their asking prices, with the average percentage of original list price received at just over 97 percent, up a bit from last year.
The median days homes spent on the market was 20, two fewer days than July 2017, but not as fast as June when homes sold in a median 15 days.
The only area jurisdiction where median sales prices dropped in July was Howard County, which was off by 2.3 percent to $420,000 — also the highest median sale price in the region.
Harford County median sales prices went up the most in July, 8.1 percent to 264,900. Anne Arundel’s median sales price rose 4.8 percent to $350,000, Carroll’s went up 3.1 percent to $330,000, Baltimore City’s rose 2 percent to $159,450 and Baltimore County’s went up 1.7 percent to $246,000.
Median sales prices are up year-to-date in all the area jurisdictions.