The Baltimore winter is coming and it is bringing a chill to the market. The real estate market continues to favor sellers. Although the active inventory and units sold is drastically lower than the September and October months in 2017, the median sales price is still higher then it was this time last year and homes are selling remarkably quicker.
The market points to the sellers with the quick turnovers and higher sales prices, however we are seeing the market begin to slow down drasticly. Nearly 25% less homes were sold in September 2018 then were during August 2018. Total units sold this September was about 643 units, whereas August saw nearly 860 units sold. When comparing September of this year to that of last year, we are noticing a 15% decrease in units sold. Active inventory has decreased since last month by 3% with 3,503 units in September, compared to 3,599 units in August. The active inventory mark in September of 2018 is nearly 7% less than in 2017.
The statistic to watch is the sales price. From September 2017 to September 2018, the market has seen a 4% rise in the sales price of all inventory. However, from last month to this month, the market has shown a 13% decrease in sale prices. In September, the average sale price in Baltimore City was 97.9% of the average list price, which is 0.5% higher than at this time last year.This month, the average number of days on market was 52, lower than the average last year, which was 59, a decrease of 12%.
With the winter coming around expect the market to continue to be slow and expect inventory levels to be lower as well. DO NOT expect realtors to stop looking for sellers and buyers however because the first rule of business, when things are slow, work harder! If you are a seller or buyer don't be discouraged from statistics because with a good real estate professional behind you helping out, they will find your dream home or sell your listings!