Home sales slowed slightly in the Baltimore | Annapolis | Eastern Shore Region during the first half of 2020, with 49% fewer homes on the market by the end of June compared to a year earlier. The luxury market — homes above $750,000 in the Baltimore region — saw a slight 1% decrease in sales, and a 25% decline in the number of homes for sale, according to the Long & Foster | Christie’s International Real Estate Mid-Year Market Report for the region.
As in many other housing markets, areas of Maryland saw buyers and sellers plans stalled by stay-home orders, and consumers changed behaviors during the onset of the pandemic.
“As we’ve moved out of the Covid-19 lockdown, we’ve seen more buyers out, wishing to take advantage of historically low interest rates. Those shoppers are competing for limited inventory in an already tight market,” said Jeffrey S. Detwiler, president and CEO of The Long & Foster Companies. “Covid-19 and the upcoming elections will likely affect the housing market toward the end of 2020, but we remain cautiously optimistic.”
Luxury home sales fell by 14.3% in Central Maryland by the end of the second half of 2020, and prices were down 2.8%, compared to a year earlier. Homes sold faster in the second quarter, staying on the market 56 days, a 6.7% decrease from the second quarter of 2019.
On the Eastern Shore, the number of luxury properties sold in the second quarter fell by 3.1%, while inventory was down 30.2%. The median sale price increased 8.4%. The average marketing time fell 6.3% in the second quarter, to 120 days. Among the area’s luxury neighborhoods, Queenstown had the highest percent of luxury listings at 55%, followed by St. Michaels with 46%, Easton with 26% and Stevensville with 26%.
In addition to highlighting major trends in the Central Maryland region, the Long & Foster | Christie’s Baltimore/Annapolis/Eastern Shore Region Market Report spotlights individual neighborhoods. It also summarizes the local luxury market by the types of homes (for example, single family and townhomes) sold in individual neighborhoods, providing an in-depth analysis of the residential market. View the report in its entirety here.
For more information about Long & Foster, visit LongandFoster.com.