Home/Mortgages/Maryland Home Sales Jump in March but Still Below Last Year

May 2, 2012 (Shirley Allen)

Monthly sales of existing single-family homes and condominiums jumped almost 30 percent from February to March in Maryland, but that still wasn’t enough to match last year’s tally according to the latest housing data from the Maryland Association of Realtors® (MAR).

An estimated total of 4,225 existing single-family homes and condos were sold in the Old Line State in March. That was 29.8 percent higher than the 3,255 homes sold in February but still 2.0 percent lower than the 4,313 homes sold in March 2011.

The median sales price for an existing home in Maryland increased by 6.3 percent in March to $225,601, up from $212,301 in February and was 5.9 percent higher than the median price of $213,037 in March of last year.

Of the 24 counties that provide data for the monthly report, thirteen of the counties reported gains in home sales over the previous year with Dorchester County (+50.0 percent) reporting the largest increase of counties with over 20 sales while Calvert County (-40.0 percent) posted the largest monthly decline in sales.

Montgomery County recorded the most sales for the month with an estimated 730 home sales, up from 540 the previous month, while Prince George’s County followed with an estimated 653 home sales for the month, up from 505 in February.

Year-over-year, fifteen counties posted an increase in their median prices led by Baltimore City (+75.0 percent) with Allegany County (-27.7 percent) posting the largest decline in prices.

The total number of homes available for sale increased slightly in March with 27,280 homes actively available. That’s up slightly from 27,147 in February but down from 35,927 in March of 2011.

The increased home sales and the continuing low inventory left the state with an average 6.5 months supply of homes available for purchase, down from a 8.3 months supply in February and also down from the same amount a year earlier.

Tags: existing homes, condos, sales, median home prices, Maryland