Spring is here and the market is going crazy! After a slower January and February, we are watching the market pick up in March and now April. Inventory all around is still lower than preferred but homes on the market are selling and buyers are finding great properties to call their new homes. This spring we have seen fewer sellers and fewer buyers than in recent years.
For example, this March closed 628 units. This is an unfortunate 21% decrease from units sold in March of 2018. The total active inventory this March was 2,895 homes. This number is more than an 11% decrease from March 2018. These numbers are representative of the shift that the real estate industry is in.
Are homes selling for more or less this year than last year? No, our median sales price in Baltimore City shows no change from 2018 to 2019 in March. Although homes are still selling, statistics are showing our average days on the market for listings to be 12% longer than last year. An increase of a 2018 average of 60 days to an average of 67 days in 2019. You may be thinking that is only a one week difference, but this is a worry for real estate agents and their sales markets.
The turnover of homes is taking longer and with less inventory and the same average sales prices, this is not a good look for the real estate market. We have in the shift of the real estate market that agents have been predicting for a while now and the best of agents have prepared themselves for this shift and will come out stronger than ever! With the spring and summer months ahead, we are looking forward to the real estate market picking up drastically compared to the previous months of 2019.
If you are a buyer or seller don't hesitate to purchase a home now or sell a home because a one week difference on average days on the market, lower active inventory, and a consistent average sales price shows power for both a seller and a buyer. Who holds more power in the transaction will rely on the intrinsic parts of the specific transaction.
In March, there were 4.6 months of supply available in Baltimore City, compared to 4.1 in March 2018. That is an increase of 12% versus a year ago.
This month there were 1,401 homes newly listed for sale in Baltimore City compared to 1,431 in March 2018, a decrease of 2%. There were 990 current contracts pending sale this March compared to 826 a year ago. The number of current contracts is 20% higher than last March.
In March, the average sale price in Baltimore City was 98.4% of the average list price, which is similar compared to a year ago.
This month, the average number of days on market was 67, higher than the average last year, which was 60, an increase of 12%.