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Residential home prices continued to make gains in November and December compared to the same period in 2017, according to housing statistics released by Maryland REALTORS®. Average home prices rose by 2.2 percent and 2.8 percent respectively, while median prices rose in the last two months of 2018 by .7 percent and 4.4 percent as compared to the same time in 2017.
“The average residential home and median sale prices both continued to make gains in November and December”, said Maryland REALTORS® President Merry Tobin. “The months of available inventory fluctuated from 4.1 in November to 3.8 in December,” continued Tobin. A 6 month to 6.5 month supply is considered to be a balanced market.
Both November and December had declines in units sold. November saw units sold down by 15.3 percent and 21.3 percent in December.
The November 2018 statewide median sales price was $338,336 and $330,196 in December. These both represent a slight increase of 2.2 percent over November 2017 and 2.8 percent over December 2017.
Pending units decreased from 6,847 to 6,257 in November and 5,575 to 5,201 in December compared to the same time in 2017.
The Average Sale Price compared to Original List Price for November decreased slightly from 96.9 percent to 95.8 percent from 2017 to 2018. The comparison of Average Sale Price for December made a slight increase from 95.3 percent to 95.4 percent.
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