More homes sold in the Baltimore region in June than in any month for the last seven years, while median prices and available inventory also increased slightly, according to a report released Thursday.
The modest improvement across all fronts -- sales rose 2.8 percent year-over-year to 3,154 -- is “good news” for sellers and buyers, said Corey Hart, senior product manager for RealEstate Business Intelligence, which produced the report and is a subsidiary of the MRIS multiple listing service.
“It’s showing steady improvement,” he said of the Baltimore market. “We’re still balanced.”
The median sales price for homes in Baltimore City and its five surrounding counties increased 2 percent year-over-year, to $268,000. Options for buyers also increased, with 13,677 homes listed for sale – the highest level in more than two years. Homes typically take about 30 days to sell, according to the RBI report.
The Baltimore area’s relative affordability may explain its strong showing in June compared to the Washington region, where sales there dropped 4.5 percent, continuing a year-over-year decline witnessed in every month so far this year, Hart said. The median sales price there is $433,000.
“The price points in Baltimore aren’t keeping people from purchasing houses, but there might be some people being priced out of certain markets in the DC area,” Hart said.
The median sales price in Anne Arundel County was $328,250, up 2.6 percent compared to last year; in Baltimore County, the sales price was $236,000, up 4.9 percent; in Baltimore City, $151,000, up about 1 percent; in Carroll County, $305,000, up 5 percent; and in Harford County $245,000, down 2.8 percent. Howard County remained the priciest jurisdiction, despite a 4.5 percent drop year-over-year, to $400,584.Copyright © 2014, The Baltimore Sun