Growth trend for new listings continues, good news for buyers; Lowest median days-on-market since the end of 2005, sellers take notice

OVERVIEW

The Baltimore Metro Region housing market continues to show signs of strength relative to last year, and some indicators are at multi-year highs.  Sales and new pending contracts rose at double-digit rates for the third month in a row, and the median sales price is nearing its pre-recession level.  The number of active listings in the market continues to fall, and remains at an 8-year low.  New listings on the other hand are trending upward, growing at a double-digit rate for the third consecutive month.  The condo market has rebounded considerably from last year, and led all property segments in terms of growth rate for several indicators including sales, new contacts, and new listings. 

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Median days-on-market at a seven-year low

OVERVIEW

Market indicators continue to improve in the Baltimore Metro Region as we head into summer.  Sales and new pending contracts increased at double-digit rates for the second month in a row, and the median sales price resumed growth after falling flat last month.  The inventory of homes for sale remains at an 8-year May low across all property segments.  Despite the continual inventory shortage, new listings are showing signs of life and are up nearly 20 percent from this time last year, reflecting back-to-back months of double-digit growth for this indicator. 

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