Blink and It’s Gone!
Relative to other years, homes are still selling at dizzying speeds. A year ago, the median number of days on the market was 10. Two years ago, it was 26.
“I’ve never seen a market quite like this,” says Whit Harvey. “We listed 700 St. Georges Road on Wednesday, September 8 and, after multiple showings and 7 offers, we had a signed contract on September 9 for well over the asking price. All of our listings are moving so quickly that we barely have time to advertise them!”
A year and a half into the coronavirus pandemic, home prices in the Baltimore metro area remain high, even as inventory improves and demand trends slightly below last year’s levels.
Last month saw the highest number of sales in the month of August in a decade, and median sales prices hit a 10-year high for the month, according to Bright MLS.
At current levels, there is now slightly more than a month’s supply based on the current pace of selling. But housing stock is still down from both August 2020 and August 2019.
“I tell buyers that you have to be ready to move on a house as soon as it comes on the market. Get prequalified and know what your spending limit is so that you don’t get carried away in a bidding situation.”
One of the best ways to know about homes that will be coming on the market soon is to work with an experienced Realtor with connections in the community and among other agents. Whit Harvey is one of the best.
Statistics provided by The Baltimore Sun.