The real estate market has seen a decrease in housing inventory, an increase in pricing, bidding wars and credit availability. In all it has been a volatile year for the housing market. The Baltimore area has seen an increase in home sales this year and we foresee this rolling into next year. Below is an article from the Baltimore Sun stating just how the Baltimore market will continue to grow.
Baltimore-area home sales and prices continued to rise in March in an increasingly tight housing market.
Just under 3,290 home sales closed in March, up 16.8 percent from the same month last year. The median sales price for the Baltimore-area rose 3.2 percent, to $245,000, according to a new report by ShowingTime. Home sales and median sale prices were the highest they have been in a decade, according to the monthly report, which is based on listing activity from MRIS, a division of the multiple listing service Bright MLS.
“It was an amazing month and very much in line with what we’ve been seeing for the year so far,” said Annie Milli, a spokeswoman for Live Baltimore.
A total of 752 home sales closed in Baltimore City in March, up 17.5 percent from the same month last year, according to the ShowingTime report.
The number of standard sales, which exclude bank-owned homes and distressed properties, were also up by almost 32 percent compared to March 2015, according to an analysis of the MRIS data by Live Baltimore.
Milli said the growth in standard sales is a positive sign for the city’s housing market because those homes are more likely to be purchased by people who plan to live there, as opposed to investors or rehabbers.
“It shows we’re seeing a real demand from homebuyers, not just investors,” Milli said.
Within the area, Baltimore City saw the sharpest increase in median sale price, $129,250. That’s up 20.3 percent from a median sales price of $107,450 in March 2015, according to the report.
The median sales price rose in all the city’s surrounding counties except for Carroll County, where the median sales price dipped 1.9 percent, to $287,065 in March. Read more at the Baltimore Sun
