I’ve got some great stats that just came out about our real estate market to share with you. I’ve got great news for homeowners.
Home prices are up 6.5% in the Baltimore metro area to an average of $245,000. If you own a home, congratulations. You’ve made an average of $15,000 on your home in the last year. That’s a lot of money, and it could be the difference between you staying put and moving on to a new home.
Almost 4,000 new listings have come on the market in the last 30 days. Obviously, there’s a bit of seasonality to that, but the fact is that there were 16% more homes on the market in February than January.
Right now, we’ve got a hair under 8,000 homes on the market in Baltimore, which is roughly two-thirds of the 10-year average. It’s very hard to find a good home, and this level of inventory has put us in a seller’s market. There’s snow on the ground around this time of year and it’s traditionally a difficult time to sell.
However, this year is different. The spring market has come early. Quite frankly, it’s been here since the first of the year. The average days on market is down, the list-to-sale ratio is up, and there are fewer and fewer homes on the market each day. Prices are almost 20% above the February 2011 market low.
For the year, prices are up 3.5% in the Baltimore metro area and we’re only halfway through March. Look for prices to continue to rise as we continue to see a stable market for the time being.
A lot of buyers right now are having a tough time finding a home. Working with a good agent who has access to properties before they hit the market is crucial. We have a lot of clients who are open to selling their home if we have a buyer looking for one like theirs. By partnering with us, we can put together a plan to find off-market properties that you will be interested in.
If you have any questions for us or want to know more about the current state of the market, reach out and give me a call or send me an email today. I look forward to hearing from you!