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June yet another month of improving Baltimore-area home sales

Nearly 20 percent more Baltimore-area homes sold in June than in the same month a year ago, evidence that the housing market remained strong throughout the prime selling season.

Last month, 3,068 homes sold in Baltimore and its five suburban counties. It was the first time the 3,000 mark has been surpassed in a single month since August 2007, according to RealEstate Business Intelligence LLC, which released its June data Wednesday.

“The recent sales growth indicates buyers remain active in the market, and more sellers are willing to list their properties as price points have risen to near pre-recession levels in some areas,” RBI said in a statement prepared with the Center for Regional Analysis at George Mason University. RBI is a division of Metropolitan Regional Information Systems Inc., the multiple listing service that gathers home sales data for most of Maryland.

The median sales price last month was $262,750, a 5.1 percent increase -- a gain of about $12,000 -- from June 2012, RBI said. It is the highest median sales price for metro Baltimore since the summer of 2008, the firm said.

Although prices may be increasing, a bright point for potential homebuyers last month was the double-digit increase in new listings. Inventory remains tight but this third consecutive month of significant listing growth means buyers will have more options during their search.

About 4,300 properties were listed for sale during June, an increase of 13.7 percent year-over-year.

At the end of June there were 11,192 active listings. That's 1,400 fewer listings than during June 2012 and is a less than four-month supply at the current level of demand.

The median number of days a house sold last month spent on the market was 23, the lowest number for metro Baltimore since December 2005.

“This indicator is an important measure of buyer behavior, and can be a big factor for sellers deciding to list their properties,” RBI said.

“The conditions appear ripe for continued growth in the region's housing market, as the rise in new listings will help meet some of the pent up buyer demand,” the firm said. “Sellers are starting to notice the higher price-points compared to the past several years, which is also fueling this growth.”

Have a real estate news tip or experience to share? Email me at steve.kilar@baltsun.com.

Copyright © 2014, The Baltimore Sun
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