June 5, 2012 (Chris Moore)
Monthly sales of existing single-family homes and condominiums continued to be strong in Maryland during April following March’s nearly 30 percent jump but still couldn’t match last year’s tally according to the latest housing data from the Maryland Association of Realtors® (MAR).
An estimated total of 4,546 existing single-family homes and condos were sold in the Old Line State in April. That was 7.6 percent higher than the 4,225 homes sold in March but still 2.2 percent lower than the 4,649 homes sold in April 2011.
The median sales price for an existing home in Maryland increased by 10.8 percent in April to $249,975, up from $225,601in March and was 10.6 percent higher than the median price of $225,990 in April of last year.
Of the 24 counties that provide data for the monthly report, only eight of the counties reported gains in home sales over the previous year with Talbot County (+77.3 percent) reporting the largest increase of counties with over 20 sales while Worcester County (-26.8 percent) posted the largest monthly decline in sales.
Montgomery County recorded the most sales for the month with an estimated 872 home sales, up from 730 the previous month, while Prince George’s County followed with an estimated 649 home sales for the month, down slightly from 653 in March.
Year-over-year, twenty-one counties posted an increase in their median prices or were unchanged from the previous month with the largest increase posted by Talbot County (+88.3 percent) with Washington 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 increased slightly in April with 28,607 homes actively available. That’s up slightly from 27,280 in March but down from 37,860 in April of 2011.
The increased home sales and the continuing low inventory left the state with an average 6.3 months supply of homes available for purchase, down from an 8.1 months supply in March and also down from the same amount a year earlier.
Tags: existing homes, condos, sales, median home prices, Maryland