Frustrated by the market in the first half of 2021? According to Realtor.com’s Weekly Housing Trends report on July 8, there could be some small amount of relief in the coming weeks.
First, new listings had been growing in number year-over-year in twelve of the previous fifteen weeks, which had helped to slow the red hot price growth we had been experiencing. Also, the rapid pace that homes disappeared from the market had been slowing, again in a year-over-year comparison.
All this good news for buyers is hinting that with COVID restrictions easing we may be seeing the return to a ‘relatively normal’ summer season slowdown, where people’s thoughts turn to vacations, weekend trips, afternoons by the community pool, and NOT schlepping in and out of houses for sale. But remember, this report is based on national data and the ‘slowing’ would be starting from an extremely frantic pace of market activity.
Our local data shows that fact quite clearly. Properties listed in Baltimore City in June increased by 5% over May with average days on market less than a month, at 29 days. Current inventory of 1909 listings, as of July 13, shows another 5% increase over June, but that still remains only 1.6 months of supply, vs. last July’s 2.4 months (2195). Average list price this July is up to $285,733, vs last July’s $267,104, or nearly 7% over 2020.
From a buyer’s perspective, Baltimore’s Home Demand Index has been declining ever so slightly since April, so the fever seems to be breaking, just in time for summer heat waves. (see graph)
So, if you are a buyer in the market, this is some welcome news!