Maryland home prices climbed in May compared to the same period in 2018, according to housing statistics released by Maryland Realtors. Average home prices rose by 4.1% while the median price increased by 4.2% as compared to the same time in 2018.
“The average and median housing sale prices both climbed at reasonable rates in May,” said Maryland Realtors President Merry Tobin.
The May statewide average sales price was $367,018 compared to $352,569 in 2018, while median sales price increased to $312,500 from $300,000.
“This jump of 4.1% and 4.2%, respectively, is robust and may, in the long term, have a negative impact on housing affordability,” Tobin said.
Among Mid-Shore counties, the average sales price was up 30.7% in Talbot County in May 2019. The average sales price was $357,126 in May 2018 and $466,8434 last month.
Median sales price increased 9.6%, from $315,000 last May to $345,100 in May 2019. There were 51 Talbot County homes sold in both May 2018 and May 2019.
Average sales price was up 9.5% in Queen Anne’s County, from $350,567 last year to $383,696 in May 2019. Median sales price was up 3.2%, from $344,000 to $355,000. Units sold was down 1.2%, with 84 in May 2019, one fewer than the same month last year.
In Kent County, average sales price increased 13.8%, from $277,108 to $315,405; median sales price dropped 3.5%, from $239,500 to $231,000. Units sold were down 25 %, from 44 in May 2018 to 33 last month.
Average sales price in Caroline County was up 8.6%. In May 2018, the average sales price was $204,510; that increased to $222.043 in May 2019.
Median sales price increased 12.9%, from $212,500 to $239,950. Caroline also had a 28.6% increase in units sold, from 28 in May 2018 to 36 last month.
Dorchester County’s average sales price was up 1.7%, from $207,807 to $211,274. Median sales price increased 5.5%, from $181,000 to $191,000. There were five more homes sold in Dorchester County in May 2019, which had 40 homes sold, than in May 2018, a 14.3% increase.
“The units pending (units under contract) jumped to 10,108 from 8,571 in 2018, while active inventory decreased from 3.5 months in 2018 to 3.1 months in 2019,” Tobin said. A 6 month to 6.5-month supply is considered to be a balanced market.
Among Mid-Shore counties, Kent County had 7.8 months of inventory, followed by Talbot (7.6 months), Dorchester (7), Queen Anne’s (5.7) and Caroline (4.6).
Of note, units sold experienced a drop of 1.8% due in large part to the drop in settled sales in Baltimore City as a result of the widely reported ransomware attack. Sales in Baltimore City dropped 20.2%, from 875 in May 2018 to 698 last month.
The average sale price compared to original list price for May decreased slightly from 97.9% to 97.8% in 2019.
That ratio was 89.7% in Talbot County and slightly more than 94% in the four other Mid-Shore counties.