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May 2022 Monthly Market Update

Maryland Inventory Is On The Rise!

The focus this month is something we’ve been slowly tracking over the last few months, and that’s more inventory is finally coming to the market!

Total inventory in Maryland is down 6% from last year, but up nearly 40% from February. New listings are outpacing pending sales for the second month in a row since fall of 2021. This is certainly due to the mortgage rate increase. Which is taking people off the fence. At the same time, putting people behind the fence who are right on the line.

Homes are still continuing to get multiple offers because buyer demand is still on fire, but that demand is definitely softening. This is just the beginning of the market decelerating.

If I was going to sell my home in the next 18 months, I would be in the market now while the demand is still frothy and interest rates are still in that 5% range. The federal reserve still plans to meet six more times this year, so rates are still projected to go up and while inflation is still rising home prices are still projected to go up.

So that means if you were thinking about buying in the next year, getting into the market, as soon as possible will get you the best deal. Everything we’ve just discussed has been Maryland averages. Now let’s put the microscope on what’s happening in Baltimore city.

Local Market Update – Canton Baltimore

If you’re looking around in the Canton area, we have houses of all different shapes and sizes. There are million dollar waterfront homes, and then we have gorgeous row homes just like what we have listed right now. On average in Canton, we have four listing appointments before a house goes under contract. The average days on market is about 27 days in this area. Which probably seems high to some people, but because there’s so many different variety of houses, it keeps the houses on the market just a little bit longer.

These local market updates are so important because your area could be really different than the overall!

Closing Thought

As the market is shifting, it’s important to have true honest evaluations of your situation. If you own a property that you would like to see sold for top dollar, right now is likely the best possible time for you to do that. One of the best tools we offer to get you an idea of how much you might walk away with is our Equity Analysis. Fill out the information below to learn more!

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John Newman

Founder & CEO of The Newman Group

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