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First quarter sees strong sales ahead of expected decline

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ANNAPOLIS — The March housing market continued the price and inventory trends seen last year, according to housing statistics released in April by Maryland Realtors. Transactions reported in March are those that were initiated in January or February, before the start of COVID-19 industry restrictions.

“The average sales price grew from $330,866 to $361,710, and the median price increased from $286,424 to $312,000, increases of 9.3 percent and 8.9 percent, respectively,” said Maryland Realtors President John A. Harrison. “Months of inventory remain steady at two months, compared to 3.9 last March, which is similar to what we saw throughout most of 2019.”

According to Harrison, Realtors in Maryland are adjusting to the current market and endeavoring to transact business in a safe and responsible manner because of the COVID-19 pandemic.

“Although we can’t predict the scope or duration of this situation, we can do our part to bolster the local economy by providing essential housing services to those in need and doing so in a way that honors Governor (Larry) Hogan’s ‘Stay-at-Home’ order issued late March,” said Harrison. “While many of our members weathered the 2008 housing crisis, this situation is very different. Back then, housing was not on solid footing. Today, the industry as a whole is in a better position to rebound.”

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