Inventory remains low in Prince George’s, Charles counties

November brought mixed results to the suburban Maryland real estate market, according to The Long & Foster Market Minute reports. Inventory declined in some parts of the Maryland suburbs, which includes Charles, Frederick, Montgomery and Prince George’s counties, and homes continue to move off the market in just a couple months.

The Long & Foster Market Minute reports are compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales.

Charles County enjoyed the only increase in units sold, with a 15 percent jump reported in November. Prince George’s County saw no change from the previous year, while Frederick and Montgomery counties experienced declines of 8 percent and 6 percent, respectively.

Median sale prices were similar, with Prince George’s County enjoying the only increase—9 percent—in November 2014. Montgomery County saw no change in the median sale price, and Charles County experienced a slight decline of 1 percent. Median sale prices also declined by 4 percent in Frederick County.

Inventory varied in the suburban Maryland market, dropping by 31 percent in Prince George’s County and 5 percent in Charles County. Montgomery County experienced a 6 percent gain, while Frederick County saw a 13 percent increase.

Homes are continuing to sell at a solid pace throughout the region. Prince George’s County experienced the shortest marketing period of 42 days on market (DOM), followed closely by Montgomery County at 44 days on market. Charles County experienced a DOM average of 53 days, and Frederick County had an average of 63 days.

“Throughout the Mid-Atlantic and Northeast regions, including in the Maryland suburbs, we’ve seen many positive trends in real estate, from increased activity to rising median sales prices,” said Jeffrey S. Detwiler, president and COO for The Long & Foster Companies. “I anticipate that the market’s steady end-of-year growth will continue through December, and I’m optimistic for the coming year, which will benefit from increased housing affordability and rising consumer confidence.”

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.

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