March 15, 2012 (Shirley Allen)
Monthly sales of existing single-family homes and condominiums improved from January to February in Maryland while home prices edged downward but still remained above last year’s levels according to the latest housing data from the Maryland Association of Realtors® (MAR).
An estimated total of 3,255 existing single-family homes and condos were sold in the Old Line State in February. That was 5.9 percent higher than the 3,074 homes sold in January and 2.4 percent higher than the 3,179 homes sold in February 2011.
The median sales price for an existing home in Maryland fell by 3.3 percent in February to $212,301, down from $219,500 in January, but was still 2.0 percent higher than the median price of $208,238 in February of last year.
Of the 24 counties that provide data for the monthly report, 14 of the counties reported gains in home sales over the previous year with Garrett County (+77.8 percent) reporting the largest increase while Somerset County (-72.4 percent) posted the largest monthly decline in sales.
Prince George’s County recorded the most sales for the month with an estimated 540 home sales, up from 526 the previous month, while Montgomery County followed with an estimated 505 home sales for the month, down slightly from 530 in January.
Year-over-year, 10 counties posted an increase in their median prices led by Calvert County (+112.3 percent) with Dorchester County (-30.7 percent) posting the largest decline in prices.
The total number of homes available for sale continued to decline in February with 27,147 homes actively available. That’s down from 27,660 in January and from 36,605 in February of 2011.
The dwindling inventory left the state with an average 8.3 months supply of homes available for purchase, down from a 9.0 months supply in January and also down from an 11.2 months supply a year earlier.
Tags: existing homes, condos, sales, median home prices, Maryland