In August, the number of homes sold increased in the Baltimore region compared to the previous year, 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 rose in all areas compared to last August, with Harford County seeing a 15 percent increase. In Anne Arundel County, home sales increased by 12 percent, followed by Howard County with a 10 percent increase. Baltimore City saw the number of homes sold rise by 7 percent, and Carroll County saw a 5 percent increase. Baltimore County experienced a 4 percent increase in the number of homes sold in August.

Median sale prices varied in the Baltimore region last month, with Baltimore City seeing a 17 percent increase and Baltimore County experiencing a 5 percent increase. In Carroll County, the median sale price rose by 2 percent. Anne Arundel, Howard and Harford counties experienced declines in sale price of 1 percent, 3 percent and 5 percent, respectively.

Active inventory fell across the Baltimore region in August compared to the same month last year. In Harford County active inventory dropped by 24 percent, while it dropped by 23 percent in Carroll County and by 21 percent in Anne Arundel County. In Baltimore County, active inventory decreased by 18 percent, followed by Howard County with a decline of 17 percent. Baltimore City experienced a 13 percent decline in active inventory.

Many homes in the region are selling in about two months or less on average. Howard County experienced the lowest days on market (DOM) average at 37 days. Homes in Baltimore County experienced a DOM average of 46 days, and homes in Anne Arundel County experienced a DOM average of 48 days. Other areas experienced DOM averages of 51 days to 59 days.

“The U.S. economy was lackluster in August, but consumer sentiment remained positive. At Long & Foster, we saw evidence of that optimism in many of our markets including in the greater Baltimore region, where we saw home sales increase,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Although low inventory levels continue to be a source of frustration, many are still taking advantage of historically low mortgage rates, and we expect the housing market to remain steady this fall.”

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.