July 10, 2012 (Chris Moore)

Monthly sales of existing single-family homes and condominiums jumped by over 17 percent in Maryland during May while a dwindling housing inventory left only a 5.4 months supply of homes available for sale according to the latest housing data from the Maryland Association of Realtors® (MAR).

An estimated total of 5,328 existing single-family homes and condos were sold in the Old Line State in May. That was 17.2 percent higher than the 4,546 homes sold in April and was 10.5 percent higher than the 4,822 homes sold in May 2011.

The median sales price for an existing home in Maryland increased by 4.0 percent in May to $259,207, up from $249,975 in April and was 11.1 percent higher than the median price of $233,223 in May of last year.

Of the 24 counties that provide data for the monthly report, fifteen of the counties reported gains in home sales over the previous year with Talbot County (+100.0 percent) reporting the largest increase of counties with over 20 sales while Washington County (-16.8 percent) posted the largest monthly decline in sales.

Montgomery County recorded the most sales for the month with an estimated 1,073 home sales, up from 872 the previous month, while Prince George’s County followed with an estimated 719 home sales for the month, up from 649 in April.

Year-over-year, twenty counties posted an increase in their median prices or were unchanged from the previous month with the largest increase posted by Dorchester County (+59.3 percent) with Calvert County (-6.7 percent) posting the largest decline in prices of counties that had a minimum of 20 sales.

The total number of homes available for sale fell slightly in May with 28,557 homes actively available. That’s down slightly from 28,607 in April but down from 38,439 in May of 2011.

The increased home sales and the continuing low inventory left the state with an average 5.4 months supply of homes available for purchase, down from a 6.3 months supply in April and also down from the same amount a year earlier.

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