What the Terminology for the Maryland REALTORS® Monthly Statistics Means . . .
The monthly housing statistics are presented as reported by Bright MLS:
“Units” category represents sales settled in that month
“Pending Units” category includes units currently under contract, which will settle in the future
“Active Inventory” includes units that remain on the market
Average sales is the weighted average of sales prices in the county, calculated by weighting the price of homes by the number of homes sold.
Weighted average Maryland price is the average price, weighted for all 24 Maryland jurisdictions by the number of homes sold.
Median price is the middle value of the prices of all homes sold in the period—the price at which half the sold homes are above and half are below in selling price. The median price for home sales in each Maryland jurisdiction is estimated, because Bright does not provide this level of detail.
Median price for the whole state is calculated by using the simple unweighted averages to calculate a state weighted average for all 24 Maryland jurisdictions and establishing a median value through appropriate weighting techniques.