As we head into 2017, we are bringing you the latest on the Baltimore real estate market and what we’re seeing right now. Essentially, we have low inventory across the board. We’ll talk about some specific areas later, but right now let’s look at some of the latest statistics for the Baltimore metro as a whole.
There are about 11,000 homes on the market right now. It may sound like a lot, but it really isn’t when you consider how many homes are actually out there. This is the 15th consecutive month of decreased inventory, and inventory is what drives demand in this market.
One specific area that has particularly low inventory is Catonsville. They only have about 3.5 months of available homes. A balanced market has an inventory level between four and six months. Anything higher than that is considered a buyer’s market. Anything lower is considered a seller’s market. Because of that low inventory, prices are up by about 4% in the last year.
Another statistic from Catonsville that jumped out at me was that they had more than 90 home sales between June 2015 and June 2016. That’s the best month for them as far back as they have kept records. If you’re thinking about selling your home during June 2017, you’ll need to get it on the market in April or May. We are encouraging a lot of our sellers to meet with stagers right now and get their homes inspected and appraised so they can price perfectly for this market.
In the Eldersburg, Sykesville area, there are only about two months worth of inventory. In Ellicott City, there are only about three. All zip codes in Columbia, Maryland are under two months. As you can see, there is not a lot to choose from in many places in the Baltimore Metro and this is about as active as you will see the market in January.
If you have any particular questions or are thinking about buying or selling a home, give us a call or send us an email. We would love to hear from you.