November brought an increase in the number of homes sold to much of the suburban Maryland real estate market, according to The Long & Foster Market Minute reports. The Maryland suburbs include Charles, Frederick, Montgomery and Prince George’s counties. 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 November 2015 increased in most of the suburban Maryland region when compared to the same month last year. Frederick, Montgomery and Prince George’s counties each experienced a 13 percent increase in the number of homes sold. Charles County experienced a 15 percent decline from 2014.
Median sale prices varied in the suburban Maryland real estate market compared to the same month in 2014, with Prince George’s County experiencing a 9 percent increase. Charles County saw a 4 percent increase in median sale price, while Montgomery County saw no year-over-year change. Frederick County experienced a 1 percent decrease in median sale price.
Inventory declined in most of the suburban Maryland market in November, dropping by 23 percent in Prince George’s County and by 13 percent in Charles County. In Montgomery County, inventory dropped by 7 percent, while it increased by 1 percent in Frederick County.
Homes are continuing to sell at a solid pace throughout the region, with many selling in two and a half months or less on average. Prince George’s County experienced the shortest marketing period of 42 days on market (DOM), followed by Montgomery County at 46 days on market. Frederick County had an average DOM of 62 days, and Charles County had a days on market average of 68 days.
“November brought a number of positive things to the United States’ economy, with additional jobs and increases in home construction being among them, and we saw good signs within the Long & Foster market as well,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Within the suburban Maryland region, we saw continued improvements in number of homes sold, and we anticipate a steady and healthy real estate market in 2016.”
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.