ARUMEAugust 2020 Housing Market Recap
In Maryland during the month of August we have seen an overall increase in units sold and average sale price. We have also seen a decrease in time on the market and a decrease in the number of new and active listings.
Whether you are a seller or a buyer, a negative change in statistics is not always bad and a positive change is not always good.
Example: A negative change in average days on the market is great for sellers because homes are moving fast. On the other end, a positive percentage change in active listings means that the market could be saturated with homes which could potentially be bad for sellers; but sellers will still benefit if the average sale price and units sold continues to rise.
Many would assume that if home prices are rising and quickly moving off the market that the market is considered a "seller's market". This may be the case but typically mortgage rates adjust at the same time to keep supply and demand as level as possible therefore benefiting the "buyer's market". This is why Arume does not believe in a "buyer's" or "seller's" markets, we simply provide you with the advantages and disadvantages of the following statistics.
Carroll County Market Recap for August 2020
Active Listings:
2020: 220
2019: 651
Change: -66.21%
Units Sold:
2020: 262
2019: 265
Change: -1.15%
New Listings:
2020: 291
2019: 304
Change: -4.28%
Median Days On Market:
2020: 6
2019: 24
Change: -75%
Average Price Sold:
2020: $411,114
2019: $355,804
Change: +14.9%
2.92% of Maryland's total units sold were in Carroll County.
2.18% of Maryland's active listings were in Carroll County.
Frederick County Market Recap for August 2020
Active Listings:
2020: 469
2019: 1,246
Change: -62.36%
Units Sold:
2020: 498
2019: 475
Change: +4.84%
New Listings:
2020: 656
2019: 579
Change: +13.3%
Median Days On Market:
2020: 8
2019: 20
Change: -60%
Average Price Sold:
2020: $392,097
2019: $351,991
Change: +11.39%
5.5% of Maryland's total units sold were in Frederick County.
4.65% of Maryland's active listings were in Frederick County.
Howard County Market Recap for August 2020
Active Listings:
2020: 421
2019: 1,010
Change: -58.32%
Units Sold:
2020: 508
2019: 476
Change: +6.7%
New Listings:
2020: 524
2019: 560
Change: -6.43%
Median Days On Market:
2020: 8
2019: 19
Change: -57.89%
Average Price Sold:
2020: $515,735
2019: $483,773
Change: +6.6%
5.61% of Maryland's total units sold were in Howard County.
4.18% of Maryland's active listings were in Howard County.
Montgomery County Market Recap for August 2020
Active Listings:
2020: 1,252
2019: 2,452
Change: -48.94%
Units Sold:
2020: 1,299
2019: 1,269
Change: +2.36%
New Listings:
2020: 1,469
2019: 1,287
Change: +14.14%
Median Days On Market:
2020: 7
2019: 18
Change: -61.11%
Average Price Sold:
2020: $604,286
2019: $582,116
Change: +3.8%
14.35% of Maryland's total units sold were in Montgomery County.
12.42% of Maryland's active listings were in Montgomery County.
Washington County Market Recap for August 2020
Active Listings:
2020: 286
2019: 679
Change: -57.88%
Units Sold:
2020: 198
2019: 206
Change: -3.9%
New Listings:
2020: 198
2019: 232
Change: -14.66%
Median Days On Market:
2020: 16
2019: 26
Change: -38.46%
Average Price Sold:
2020: $257,624
2019: $213,142
Change: +20.9%
2.19% of Maryland's total units sold were in Washington County.
2.84% of Maryland's active listings were in Washington County.
**Information pulled from Maryland REALTORS.