How to read and understand the terminology for the MAR Monthly Housing Statistics
The monthly housing statistics are presented as reported by MRIS and the Coastal Association of REALTORS® (CAR). The “Units” category represents sales settled in that month. The “Pending Units” category includes units currently under contract, which will settle in the future. “Active Inventory” includes units that remain on the market.
The average sales price is the weighted average of sales prices in the county, calculated by weighting the price of homes by the number of homes sold. To calculate the weighted average Maryland price, we weight the average price for all 24 Maryland jurisdictions by the number of homes sold.
The median price is the middle value of the prices of all homes sold in the period—the price at which half the sold homes are above and half are below in selling price. We estimate the median price for home sales in each Maryland jurisdiction, because CAR and MRIS do not provide this level of detail. Median price for the whole state is calculated by using the simple unweighted averages to calculate a state weighted average for all 24 Maryland jurisdictions and establishing a median value through appropriate weighting techniques.