November 2020 Report
Baltimore Metro
Baltimore | November 2020
Home Demand Index
The Bright MLS | T3 Home Demand Index fell marginally between September and October and was 39 percent higher compared with one year earlier. With a reading of 136, the Index reflected a High level of demand for homes in the Baltimore MLS market area. There also was elevated buyer interest across most submarkets and types of homes.
There was little month-to-month change in demand in October, but buyer interest in most segments of the market remained much higher compared with one year earlier. Higher-priced single-family homes and condos attracted the most intense buyer interest while lower-priced single-family homes recorded the weakest demand.
Inventory levels among most types of homes remained exceptionally low in October. The single-family segments posted months supply readings ranging from 0.9 to 1.8, levels that limit the options for many buyers when searching for a home. Higher-priced condos had a greater months supply at 4.6, but this represents a small segment of the overall market.
Monthly Statistics for November 2020
Home Demand
Index
Index
136
(High)
Home Demand Index
from prior month
from prior month
137
Home Demand Index
from prior year
from prior year
98
Index change
from prior month
from prior month
-0.7%
Index change from
same time last year
same time last year
38.8%
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | November 2020
Home Demand Index | Historical Year-over-Year Comparison
The Index has exceeded year-ago levels since May as would-be buyers, delayed by the onset of the Covid-19 pandemic, entered the market in force. Demand also has been supported by buyers looking to lock in low mortgage rates. Buyer interest has exceeded the year-earlier level in 11 of the past 12 months.
Home Demand Index
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | November 2020
Home Demand Map
Buyer demand was generally strong across most of the Baltimore market area. Half of ZIP codes recorded an Index reading in the High category with another 16 percent in the Moderate category. Demand was largely Steady in the western section of the market area with a small number of ZIP codes in the Slow or Limited demand category elsewhere.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | November 2020
Demand and Inventory by Home Type
There was little month-to-month change in demand in October, but buyer interest in most segments of the market remained much higher compared with one year earlier. Higher-priced single-family homes and condos attracted the most intense buyer interest while lower-priced single-family homes recorded the weakest demand.
Inventory levels among most types of homes remained exceptionally low in October. The single-family segments posted months supply readings ranging from 0.9 to 1.8, levels that limit the options for many buyers when searching for a home. Higher-priced condos had a greater months supply at 4.6, but this represents a small segment of the overall market.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | November 2020
Single Family Home Below $250k
Buyer interest in single-family homes priced below $250,000 was unchanged over the month and 21 percent below the level one year earlier. Buyers looking for a home at this price point continued to face very tight inventory conditions. Furthermore, with fewer than 10 percent of listings among all types of homes, the limited number of suitable properties in any area reduced the options for would-be buyers during their search. The months supply of lower-priced single-family homes was just 1.2 in October, second only to the mid-priced single-family segment, which was even lower.
Monthly Statistics for Single Family Home Below $250k
Home Demand
Index
Index
81
(Slow)
Home Demand Index
from prior month
from prior month
81
Home Demand Index
from prior year
from prior year
102
Months of
inventory
inventory
1.2
Average daily inventory last month
412
Inventory sold
last month
last month
347
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | November 2020
Single Family Home $250k - $590k
Buyer interest in mid-priced single-family homes was High in October. Although little changed from the previous month, the Bright MLS | T3 Home Demand Index was 44 percent higher compared with one year earlier. Buyers found relatively few homes available for sale given the elevated demand and pace of sales. The months supply was a minuscule 0.9, not only incredibly low but also a decline from the previous month.
Monthly Statistics for Single Family Home $250k - $590k
Home Demand
Index
Index
143
(High)
Home Demand Index
from prior month
from prior month
145
Home Demand Index
from prior year
from prior year
99
Months of
Inventory
Inventory
0.9
Average daily inventory last month
1,298
Inventory sold
last month
last month
1,397
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | November 2020
Single Family Home Above $590k
Buyer interest in homes priced above $590,000 fell in October and was more than double the level compared with one year earlier. The most recent increase in the Index suggests solid underlying demand for homes at this price point, even as buyers are challenged in their search by low inventory levels and rising prices. Inventory, like other single-family segments, was very lean with a months supply of just 1.8 in October.
Monthly Statistics for Single Family Home Above $590k
Home Demand
Index
Index
193
(High)
Home Demand Index
from prior month
from prior month
201
Home Demand Index
from prior year
from prior year
91
Months of
Inventory
Inventory
1.8
Average daily inventory last month
833
Inventory sold
last month
last month
462
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | November 2020
Condo Below $310k
Demand for condos priced below $310,000 remained solid in October, despite a six percent decline in the Index to 135. Compared with the same month a year earlier, the Index was 34 percent higher. Buyers searching in the lower-priced condo segment confronted very tight inventory conditions in October, with a months supply of just 1.6. The limited number of homes on the market at this price point is consistent with inventory conditions for similarly priced single-family homes, both of which are appealing to first-time buyers.
Monthly Statistics for Condo Below $310k
Home Demand
Index
Index
135
(High)
Home Demand Index
from prior month
from prior month
144
Home Demand Index
from prior year
from prior year
101
Months of
Inventory
Inventory
1.6
Average daily inventory last month
389
Inventory sold
last month
last month
250
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | November 2020
Condo Above $310k
The higher-priced condo segment recorded an Index reading of 195, nearly unchanged from October, but 86 percent higher compared with one year earlier. Buyer interest in this segment has been strong for the past several months and appears to be on solid ground at least for the near-term given the high and rising level of demand. Inventory conditions were more favorable than any other segment of the market with a months supply of 4.6 in October.
Monthly Statistics for Condo Above $310k
Home Demand
Index
Index
195
(High)
Home Demand Index
from prior month
from prior month
193
Home Demand Index
from prior year
from prior year
105
Months of
Inventory
Inventory
4.6
Average daily inventory last month
181
Inventory sold
last month
last month
39
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | November 2020
Townhouse/Rowhouse/Twin All prices
Townhouse/
Rowhouse/Twin
All prices
The Bright MLS | T3 Home Demand Index for the townhouse segment, at 143, was up slightly in October compared with the previous month, but 49 percent higher than one year earlier. Buyers experienced stiff competition when searching for a suitable property. The months supply for the Baltimore market area was low at just 1.4 in October.
Monthly Statistics for Townhouse/Rowhouse/TwinAll prices
Home Demand
Index
Index
143
(High)
Home Demand Index
from prior month
from prior month
139
Home Demand Index
from prior year
from prior year
96
Months of
Inventory
Inventory
1.4
Average daily inventory last month
2,398
Inventory sold
last month
last month
1,729
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Note
1. This report is generated with data from the following counties: Anne Arundel, MD; Baltimore City, MD; Baltimore, MD; Carroll, MD; Harford, MD; Howard, MD
2. This report is for the November 2020 period with data collected from the previous month.
Released: March 2, 2021
Reference ID: 1067
Baltimore | November 2020
Home Demand Map (Zip Codes)
Buyer demand was generally strong across most of the Baltimore market area. Half of ZIP codes recorded an Index reading in the High category with another 16 percent in the Moderate category. Demand was largely Steady in the western section of the market area with a small number of ZIP codes in the Slow or Limited demand category elsewhere.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com