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


HOUSING SALES AND PRICE DIPS IN JULY

 

Despite expectations for a robust summer selling season, home sales dropped statewide by 3.4 percent, according to the Maryland Association of REALTORS® (MAR). For the fourth month in a row, both average and median price decreased or remained flat. Average price declined by $11,000 or 3.3 percent, and median price fell by $8,000 or 2.8 percent.
There was a diverse range in activity around the state in July. Some less populous areas, including Allegany, Caroline, and Dorchester counties, posted large increases in sales, ranging from 37 to 61 percent. Conversely, more densely populated counties, such as Montgomery, Howard and Frederick, registered declines in home sales from 10 to 17 percent. Two exceptions were Baltimore and Prince George’s Counties, where sales increased by 6.4 and 2.8 percent respectively.  The decline in sales was reflected in increased active inventory, from 4 months last July to 5 months.  Inventory of 6 months is considered necessary for a balanced market.
“While we are disappointed by the pace of home sales and the average and median prices, there are encouraging signs on the horizon,” said MAR President Russ Boyce. “Pending sales, the best indicator of future sales, is up by more than 450 homes compared to July of the last year.”

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: July 2014

Jul-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 50 31 61.3% $94,778 $91,251 3.9% $84,250 $85,000 -0.9% 52 41 581 606 11.6 19.5
Anne Arundel 675 711 -5.1% $380,324 $381,960 -0.4% $325,000 $322,190 0.9% 761 750 3,328 2,584 4.9 3.6
Baltimore City 598 612 -2.3% $170,914 $188,470 -9.3% $135,000 $148,450 -9.1% 774 642 3,365 3,046 5.6 5.0
Baltimore County 836 786 6.4% $273,483 $287,015 -4.7% $227,750 $228,250 -0.2% 999 889 3,300 2,700 3.9 3.4
Calvert 120 124 -3.2% $364,453 $332,591 9.6% $352,500 $297,950 18.3% 132 134 857 685 7.1 5.5
Caroline 42 27 55.6% $150,693 $136,869 10.1% $155,000 $132,000 17.4% 44 30 326 287 7.8 10.6
Carroll 183 182 0.5% $320,489 $318,230 0.7% $295,000 $285,000 3.5% 209 194 1,011 821 5.5 4.5
Cecil 74 75 -1.3% $241,365 $222,961 8.3% $218,250 $220,000 -0.8% 116 96 904 865 12.2 11.5
Charles 185 173 6.9% $251,101 $253,049 -0.8% $240,000 $240,000 0.0% 231 215 927 771 5.0 4.5
Dorchester 30 20 50.0% $191,437 $144,460 32.5% $130,250 $113,500 14.8% 31 27 390 378 13.0 18.9
Frederick 303 340 -10.9% $303,306 $308,996 -1.8% $275,000 $282,750 -2.7% 362 361 1,280 887 4.2 2.6
Garrett 32 31 3.2% $258,345 $254,216 1.6% $194,950 $219,000 -11.0% 44 40 691 656 21.6 21.2
Harford 298 319 -6.6% $262,229 $257,934 1.7% $232,316 $244,800 -5.1% 297 306 1,531 1,239 5.1 3.9
Howard 355 396 -10.4% $464,732 $452,364 2.7% $418,000 $414,450 0.9% 382 342 1,321 918 3.7 2.3
Kent 26 23 13.0% $283,469 $268,300 5.7% $193,850 $216,000 -10.3% 23 28 415 395 16.0 17.2
Montgomery 1059 1280 -17.3% $527,582 $529,265 -0.3% $429,000 $435,500 -1.5% 1,180 1,164 3,071 2,246 2.9 1.8
Prince George's 769 748 2.8% $241,647 $223,870 7.9% $225,000 $206,750 8.8% 1,059 1,029 1,885 1,661 2.5 2.2
Queen Anne's 80 58 37.9% $389,224 $392,124 -0.7% $348,750 $313,500 11.2% 67 69 686 604 8.6 10.4
Somerset 14 18 -22.2% $124,950 $102,586 21.8% $97,400 $97,750 -0.4% 25 12 276 271 19.7 15.1
St. Mary's 126 108 16.7% $295,399 $304,420 -3.0% $276,500 $285,000 -3.0% 132 127 809 676 6.4 6.3
Talbot 44 53 -17.0% $557,887 $554,870 0.5% $346,000 $365,000 -5.2% 66 38 591 638 13.4 12.0
Washington 142 132 7.6% $178,972 $208,864 -14.3% $166,000 $179,000 -7.3% 165 153 956 819 6.7 6.2
Wicomico 87 80 8.7% $161,675 $145,673 11.0% $150,000 $137,500 9.1% 99 83 587 626 6.7 7.8
Worcester 133 154 -13.6% $242,066 $274,379 -11.8% $203,000 $239,950 -15.4% 190 178 1,954 1,754 14.7 11.4
MARYLAND 6,261 6,481 -3.4% $324,644 $335,655 -3.3% $278,626 $286,758 -2.8% 7,440 6,948 31,042 26,133 5.0 4.0
Reported by the MRIS and Coastal Association of REALTORS NOTE: UNITS ARE THE "UNITS" SOLD, PENDING ARE UNDER CONTRACT

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