February 2020 Housing Market Update
March 11, 2020 – This past February was the highest in the past ten years in the Baltimore Metro Area for the month of February for median sales price.
Baltimore Metro Area – Overview
- The Baltimore metro marked its best February on median sales price in the past ten years and its 16th consecutive month of year-over-year gains. Detached homes sold at +11.3% higher prices than a year ago.
- Howard County hit an overall ten-year high for the monthly median single-family home sales price ($554.0K), up +26% year over year.
- Carroll County’s median sale price hit its second-highest level ever in the past ten years (behind June 2019 – $345K). In Sykesville, the median sales price ($379.0K) rose +25.3%, even as the number closings remained unchanged (20).
- The month scored the best February performance for closed sales in the past ten years and the sixth straight month of year-over-year gains for both detached and attached unit sales.
- Anne Arundel clocked its eighth consecutive month of year-over-year gains in home closings with detached home sales (359) up +31.0%. Pasadena (64 closings, up +42.2%) had a standout performance.
- February 2020 was a new ten-year record for the month of February for pending sales of detached units (2,010), up +19.8%. Nearly all areas saw double-digit percentage gains.
- New listings of attached homes in the metro area totaled 2,005, a + 2.8% gain, and a February ten-year high. However, months of supply (1.94) continued to narrow, down -3.9% from last month.
- Units had the lowest median days on the market in the past ten years in the month of February, with attached homes coming off the market nearly two weeks earlier than last year.
- Howard County experienced a nearly one-month reduction in median days on the market across all unit types, coming off the market in half the time as last February. Homes sold in Columbia left the market in 11 days, compared to 36 days last February. Elkridge units came off in 12 days, down from 49 days.
The Baltimore Metro Area housing market includes the City of Baltimore, Anne Arundel County, Baltimore County, Carroll County, Harford County, and Howard County in Maryland.
Source: MarketStats by ShowingTime based on February 2020 Bright MLS housing data