Coming into March and looking back at the beginning of the 2019 year, we see a very slow market that is expected to start heating up in March and April as we move toward the warmer weather months. The winter has been home to a seller's market and is continuing to do so, but we expect buyers to be getting more serious with their home search process starting this month.
There was a decrease in total units sold in January, with 534 sold this month in Baltimore City Real Estate versus 667 last month (20% decrease). January 2019's total units sold was lower with a decrease of 14% versus January 2018. The total number of homes available/active inventory this month is lower by 140 units or 5% than a year ago. The total number of active inventory this January was 2,812 compared to 2,952 in January 2018. This month's total of 2,812 is lower than December 2018's total supply of available inventory of 3,291, a decrease of 15%. In January of 2018, the median sale price for Baltimore City properties was only $110,000. This January, the median sale price was $124,950, an increase of 14% or $14,950. The current median sold price is 8% lower than in December. Median sale price is the middle sale price in a given month. The same number of properties are above & below the median. In January, there were 5.3 months of supply available in Baltimore City, compared to 4.7 in January 2018. That is an increase of 11% versus a year ago. Months of supply is calculated by dividing the current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand. In January, the average sale price in Baltimore City was 96.7% of the average list price, which is 1.6% lower than at this time last year. This month, the average number of days on market was 65, lower than the average last year, which was 66, a decrease of 2%. Stay tuned for a real estate market that is about to pick up and begin moving faster in the months to come!