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Housing market rebounds but inventory is low

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Maryland’s housing market in June rebounded significantly from  the drop in sales seen in April and May. June witnessed 8,259 total units sold. While this represents a drop of 6.8 percent from June 2019, it marks a 36.4 percent increase from the total units sold in May.

Inventory, however, remains a challenge. “While inventory continues to tighten, June’s housing statistics demonstrate that the housing market is truly contributing to this economy,” said Maryland REALTORS President John Harrison. “From May to June, average sales prices rose from $365,945 to 377,395. Median sales prices rose as well from $320,000 in May to $330,000 in June.”

According to Harrison, available inventory remains the biggest struggle. Active Inventory dropped in June to 12,153 from May’s total of 13,838, a decrease of 12.2 percent. “On a year-over-year basis, months of inventory dropped from 3.6 in 2019 to 1.7 in 2020. We are seeing multiple offers, sometimes as many as 15 to 20 on available properties.”

In the 2020 Market Recovery Survey from the National Association of REALTORS, 11 percent of respondents reported that no sellers have returned to the market; 20 percent reported that less than 25 percent of sellers have returned to the market; and 17 percent reported that 25 to 50 percent of sellers have returned.

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