This year has been crazy for the housing market. Especially, in Quarter 1 and 2. If you were housing hunting in the Spring and Summer you understand what I am referring to or you may have heard through news outlets. As we move into Quarter 4 of the housing market, let's take a peek at how Quarter 3 stacked in numbers in a few areas of Maryland. I am sharing my analysis of the data given by brightMLS, which is the marketing tool for properties.
Prince George's County
Housing Inventory low in Q3
Homes that closed were still above the past 2 years
Average days homes were on the market hovered around 17 days
Overall in Prince Georges County it was still a Seller's Market in Q3, but buyers may have had more lead way with negotiating inspections and other contingencies as houses were on the market for at least 15 days. Housing prices still rising.
Howard County
Housing Inventory in Q3 was extremely low
Homes that closed was above the last 2 years
Average days homes were on the market was around 13 days
In Howard County, there were few homes to choose from which may have resulted in multiple offer situations. This would have not put buyers in a position to ask for many contingencies. Howard County sales prices are steady climbing. It was a Seller's Market in Q3 in Howard County.
Baltimore County
Housing Inventory low in Q3
Homes closed were slightly higher than the past 2 years
Average days homes were on the market was around 17 days
With inventory relatively low, buyers still managed to get homes under contract. The trend shows that Baltimore County is still in a Seller's Market. Buyers may have had room to ask for additional contingencies based on the days on the market.
Overall, Maryland is still in a Seller's Market and interest rates are still below average. Coming into the winter months, the expectation is that buyers may halt and pick back up buying in the Spring. Right now there are plenty of buyers out looking for the right property but we expect sales to fall just a little in Q4 due to the holidays and cold temperatures.
If a particular area of interest was not reviewed in this analysis and you would like to know specifics on a market that you are interested in, buying or selling, please reach out to me to schedule a consultation.
This data is brought to you by brightMLS.