With a chilly winter so far we are seeing the market really slow down for buyers and sellers. We must press however that it is still the time to sell and buy. Why sell? Although Spring is generally the most popular home-selling season, which means for sellers there is more competition. With the lower winter inventory comes less competition which may lead to a great sale for any home seller. Foundations, pipes, and home systems tend to work overtime and breakdown more often in the winter. Selling your home in the winter months, the cold months can show a buyer how sturdy and ready your home is for the harsh weather. The buyers we find out in the winter, are "real buyers", they are serious about purchasing a home. Although there are definitely "real buyers" in the spring, summer, and fall as well, a lot of "buyers" that you meet around those times are out in the warm weather looking around with intentions to just see what's around their own neighborhood or with the intention to think about what they may want to look for in a later period.
Buyers come out and buy your home after you are receiving your end of the year bonuses or retirement payouts! One of the biggest time of the year for corporate relocation is January through March. These buyers need to find homes quickly and are out in full force looking daily. As housing markets continue to struggle for enough inventory to meet buyer demand and prices continue to rise, serious homebuyers are widening their scope and choosing to shop throughout the year, not just during the warmer months. Buyers tend to be picky sometimes when it relates to how many days on the market a listing has had. In the winter months, however, buyers tend to not focus as much on those aspects that may trip up them up during the busy selling seasons.
The following statistics were calculated at the end of December 2018:
Units Sold- 612 units sold in December 2018. This is down from 652 in November 2018 (6% decrease) and is down 27% from the month of December in 2017.
Active Inventory- There are currently 3,015 active listings. This is down 3% (90 units) from December of 2017. Last month, November of 2018 held an active inventory of 3,476 ( a 13% decrease from November to December 2018).
Median Sales Price- Last December, the median sale price for Baltimore City Homes was $130,000. This December, the median sale price was approximately the same at $139,450. The current median sold price is 7% higher than in December 2017.
We are currently seeing a month of supply rate at 4.9 months. This is up 32% from a year ago when we saw a rate of only 3.7 months. Currently, we are also seeing a great list to sales price ratio. Sellers are averaging 98.4% list to sales price ratio. Meaning if you were to sell your home for $100,000.00, you are on average only having to give up less than $2,000.00 during the sale process. That is pretty great! This ratio is 0.9% higher than a year ago. I hope you enjoyed this real estate market blog and continue to follow what the 2019 year has in store for us.