Housing market in balance in some counties, way off in others
If you're trying to sell a home, you might want to move it to Montgomery County.
Economists generally say supply and demand is in balance if it would take six months for all the homes currently for sale to find buyers at the current pace. More months and buyers have the edge. Less, advantage sellers.
Montgomery stood at about 5.5 months in February, lowest in the state. Do the months' supply calculation for pending deals -- this is normally a busy time of year for contract-signing -- and it drops to just over three.
Call it the Washington effect. Maryland counties with the lowest inventory compared with sales and contracts are all Washington suburbs, either officially (like Frederick and Prince George's) or unofficially (like Howard and Anne Arundel, which send as many commuters south as north).
Counties at the other end of the spectrum are largely on the Eastern Shore. Garrett, in far Western Maryland, had the highest months' supply no matter how you cut it -- sales (more than 70 months) or contracts (just over 40 months).
Here's a chart showing pending deals, inventory and how they compare for February:
|Jurisdiction||Pending sales||YoY chg||Inventory||YoY chg||Months' supply|