Apr 201718

Home Sales Rose in Greater Baltimore Market in March 2017

Apr 201718

Home Sales Rose in Greater Baltimore Market in March 2017

Market Minute Logo 2017The number of homes sold increased in the Baltimore region real estate market last month, according to The Long & Foster Market Minute reports. The Baltimore real estate market includes Baltimore, Anne Arundel, Carroll, Howard and Harford counties and the city of Baltimore. The Long & Foster Market Minute reports are based on data provided by Metropolitan Regional Information System and its member associations of Realtors and include residential real estate transactions within specific geographic regions, not just Long & Foster sales.

Baltimore MM Chart March2017

The number of homes sold increased in the Baltimore region in March when compared to the same month in 2016. In Howard County, home sales rose by 21 percent, followed by Baltimore County with an 18 percent increase. In Baltimore City, the number of homes sold increased by 16 percent, and Anne Arundel County experienced an 8 percent increase. In Harford and Carroll counties, the number of homes sold rose by 5 percent and 4 percent, respectively.

Median sale prices increased in numerous parts of the Baltimore region last month, with Baltimore City seeing an 8 percent increase and Harford County experiencing a 5 percent increase. In Baltimore County, the median sale price rose by 4 percent, while in Howard County it increased by 2 percent. In Anne Arundel County, the median sale price remained the same year-over-year, though it fell by 2 percent in Carroll County.

Active inventory fell throughout the Baltimore region in March compared to the same month last year. Carroll County experienced a decline of 29 percent, and Harford County experienced a decline of 25 percent. In Howard County, active inventory decreased by 24 percent, and in Baltimore County it fell by 22 percent. In Baltimore City, active inventory fell by 21 percent, and it fell by 20 percent in Anne Arundel County.

Homes in the Baltimore region are selling at a steady pace. Howard County experienced the lowest days on market (DOM) average at 49 days. Homes in Carroll County experienced a DOM average of 54 days, and homes in Baltimore County experienced a DOM average of 59 days. In Anne Arundel County, the DOM average was 63 days, followed by Harford County with a DOM of 66 days. In Baltimore City, the DOM average was 71 days.

“March was a great month at Long & Foster and we saw numerous positive indicators of growth in the real estate market, including in the Baltimore region where sales of homes increased,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “With spring in full swing and mortgage rates remaining low, more people are looking to buy and sell homes. We anticipate the season will continue to bring robust activity to the housing market.”

The Long & Foster Market Minute is an overview of market statistics based on residential real estate transactions and presented at the county level. The easy-to-read and easy-to-share reports include information about each area’s units sold, active inventory, median sale prices, months of supply, new listings, new contracts, list to sold price ratio, and days on market. Featuring reports for more than 500 local areas and neighborhoods in addition to more than 100 counties in eight states, The Long & Foster Market Minute is offered to buyers and sellers as they aim to make well-informed real estate decisions.

The Long & Foster Market Minute reports are available at www.LongandFoster.com, and you can subscribe to free updates for the reports in which you’re interested.    Information included in this report is based on data supplied by MRIS, which is not responsible for its accuracy. The reports do not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of MRIS or Long & Foster Real Estate.