September brought some positive news to the Baltimore real estate market with most of the region experiencing an increase in the number of homes sold, 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 majority of the Baltimore region increased compared to September 2014, with Anne Arundel County seeing a 19 percent increase and Baltimore County seeing an 18 percent increase. Carroll and Howard counties followed with increases of 17 percent and 14 percent, respectively. Harford County experienced an increase of 4 percent and Baltimore City experienced no change in the number of homes sold.
Median sale prices decreased from 1 percent to 9 percent throughout the region, while active inventory fell across the region. Harford County saw active inventory drop by 11 percent, while Anne Arundel and Howard counties, as well as Baltimore City, saw it drop by 8 percent. Carroll County experienced a 7 percent decline, followed by Baltimore County with a 5 percent decline.
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 46 days. Homes in Baltimore County experienced a DOM of 58 days, followed by both Anne Arundel County and Baltimore City at 65 DOM. Harford County experienced a DOM average of 77 days, while Carroll County had a DOM average of 82.
“Though many are still concerned for economic growth in China, The United States economy is continuing to grow and the job market is steadily improving. The stability in the U.S. was also reflected in the real estate market, including locally,” said Jeffrey S. Detwiler, president and chief operating officer of The Long & Foster Companies. “In the Baltimore region, we continued to see improvements in the number of homes sold, and we anticipate a healthy last few months of 2015.”
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.