March brought positive news to the Baltimore real estate market with much of the region experiencing an increase in the number of homes sold and median sale prices, 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.
The number of homes sold in the Baltimore region increased in most areas compared to March 2015, with Harford County seeing a 26 percent increase and Anne Arundel County seeing a 17 percent increase. Carroll County experienced an increase of 12 percent and Baltimore County experienced a 3 percent increase in the number of homes sold. Howard County and Baltimore City saw the number of homes sold decline by 3 percent and 5 percent, respectively.
Median sale prices increased in much of the region as well, with Baltimore City seeing a 26 percent increase and Carroll County experiencing a 13 percent increase. In Howard County, the median sale price rose by 3 percent, followed by an increase of 2 percent in Baltimore County. Anne Arundel County saw no change from the previous year and in Harford County median sale prices fell by 2 percent.
Active inventory fell across the region compared to the same month last year. Anne Arundel County saw a 16 percent drop and in Howard County active inventory declined by 15 percent. In both Carroll and Harford counties, inventory fell by 14 percent, while in Baltimore County inventory fell by 12 percent. In Baltimore City, active inventory decreased by 6 percent.
Many homes in the region are selling in three months or less on average. Howard County experienced the lowest days on market (DOM) average at 59 days. Homes in Harford County experienced a DOM of 64 days, followed by Baltimore City with a DOM average of 71 days. Baltimore County saw a DOM average of 74 days, and Anne Arundel and Carroll counties saw DOM averages of 77 and 86 days, respectively.
“The real estate market has been off to a good start this year and although low inventory has impacted many areas, homes are continuing to sell at a steady pace, including in the Baltimore region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Across Long & Foster’s markets we’ve seen modest overall growth in sales in the first quarter of 2016 and we expect to see even more positive trends in the months ahead.”
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, Inc.