PRESS RELEASE
For more information: 800-638-6425 • Fax: 443-716-3511 • www.mdrealtor.org



IMMEDIATE RELEASE
Contact: Melissa Lutz
Maryland Association of REALTORS®
800-638-6425
melissa.lutz@mdrealtor.org


RECENT TRENDS CONTINUE IN AUGUST

 

The summer 2014 selling season ended on a disappointing note, according to the Maryland Association of REALTORS® (MAR).  Housing sales remained virtually flat in August, increasing 0.5 percent. Average and median prices both declined, by 1.1 percent and 0.4 percent respectively, the fifth month this year that both measures were lower than the same time last year.  Pending units—those under contract—increase by 350 units, a promising indicator of future sales activity.
Maryland continued to experience a wide range of activity throughout the state.  Once again the most rural areas of the state reported a large jump in home sales. Activity was robust in Caroline, Kent, Queen Anne’s, Somerset, St. Mary’s and Talbot counties, while Prince George’s and Montgomery Counties were the only densely populated areas with sales declines. Statewide, months of inventory increased considerably, from 4.3 months last year to 5.1 months in August 2014, indicating a tendency toward a more balanced market as well as a likely result of flat sales and the downward pressure on prices.
“We had hoped for a more vigorous summer sales season”, said MAR President Russ Boyce.  “We hope buyers take a close look at homes on the market as the fall season approaches, as interest rates and prices remain historically attractive in large parts of the state.“

Maryland monthly housing statistics are compiled by data as reported by MRIS and the Coastal Association of REALTORS®. For the purposes of this report, “units” are defined as the closed sales and “pending units” are properties under contract. Months of inventory are based on the current active inventory and monthly sales for the corresponding month.

*MAR publishes the Maryland Housing Statistics monthly; it is available through the Association’s website, www.mdrealtor.org.
  
The Maryland Association of REALTORS® is the largest Maryland professional trade association, serving over 22,000 members, and is dedicated to preserving the vitality of the real estate market. REALTOR® is a registered collective membership mark which may only be used by those real estate professionals who subscribe to the REALTOR® organization's strict Code of Ethics, and who are members of the National, State and Local REALTOR® organizations.

Housing Statistics: August 2014

Aug-14
Units
Average Price
Median Price
Pending Units Active Inventory Months of Inventory
2014 2013 % Chg 2014 2013 % Chg 2014 2013 % Chg 2014 2013 2014 2013 2014 2013
Allegany 45 50 -10.0% $103,994 $115,643 -10.1% $95,000 $97,500 -2.6% 50 43 576 600 13 12    
Anne Arundel 664 683 -2.8% $371,251 $367,111 1.1% $320,500 $320,000 0.2% 687 670 3324 2582 5 4    
Baltimore City 619 593 4.4% $155,332 $181,313 -14.3% $129,000 $135,000 -4.4% 770 621 3391 2915 5 5    
Baltimore County 800 763 4.8% $260,799 $264,557 -1.4% $213,950 $218,000 -1.9% 840 803 3391 2705 4 4    
Calvert 110 120 -8.3% $318,464 $325,923 -2.3% $289,950 $307,000 -5.6% 132 115 827 727 8 6    
Caroline 37 22 68.2% $154,659 $136,295 13.5% $135,000 $102,500 31.7% 48 30 326 301 9 14    
Carroll 182 182 0.0% $311,492 $310,973 0.2% $285,000 $295,000 -3.4% 196 179 1014 867 6 5    
Cecil 83 88 -5.7% $235,821 $218,519 7.9% $199,900 $191,000 4.7% 116 88 901 849 11 10    
Charles 183 185 -1.1% $265,858 $273,477 -2.8% $260,000 $254,900 2.0% 233 226 908 763 5 4    
Dorchester 30 32 -6.3% $129,583 $149,634 -13.4% $126,000 $136,000 -7.4% 44 40 374 382 12 12    
Frederick 348 312 11.5% $302,381 $289,838 4.3% $289,950 $262,995 10.2% 315 290 1311 937 4 3    
Garrett 42 42 0.0% $319,735 $321,702 -0.6% $220,950 $252,500 -12.5% 47 41 693 672 17 16    
Harford 243 268 -9.3% $273,621 $259,655 5.4% $265,000 $225,000 17.8% 304 296 1513 1225 6 5    
Howard 328 316 3.8% $439,928 $435,757 1.0% $400,000 $400,100 0.0% 348 350 1307 952 4 3    
Kent 25 21 19.0% $217,994 $319,107 -31.7% $148,000 $285,000 -48.1% 29 18 406 392 16 19    
Montgomery 1027 1108 -7.3% $523,813 $516,678 1.4% $414,900 $417,500 -0.6% 957 1062 3109 2169 3 2    
Prince George's 692 709 -2.4% $245,403 $222,359 10.4% $235,000 $209,000 12.4% 1010 983 1907 1730 3 2    
Queen Anne's 68 56 21.4% $332,055 $399,464 -16.9% $279,500 $311,600 -10.3% 77 84 665 596 10 11    
Somerset 22 13 69.2% $117,198 $106,772 9.8% $94,900 $101,400 -6.4% 22 20 262 275 12 21    
St. Mary's 116 92 26.1% $282,753 $280,620 0.8% $267,000 $271,825 -1.8% 109 111 824 684 7 7    
Talbot 57 41 39.0% $525,117 $487,142 7.8% $329,900 $310,000 6.4% 77 70 577 623 10 15    
Washington 132 136 -2.9% $175,112 $203,390 -13.9% $156,250 $180,000 -13.2% 165 143 949 813 7 6    
Wicomico 89 82 8.5% $159,609 $168,430 -5.2% $144,500 $144,450 0.0% 83 64 601 626 7 8    
Worcester 164 160 2.5% $238,709 $281,012 -15.1% $196,500 $235,500 -16.6% 192 154 1954 1748 12 11    
MARYLAND 6106 6074 0.5% $316,502 $319,930 -1.1% $271,797 $272,895 -0.4%           6,851           6,501 31110 26133 5.1 4.3
Reported by the MRIS and Coastal Association of REALTORS       NOTE: UNITS ARE THE "UNITS" SOLD, PENDING ARE UNDER CONTRACT

 

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