November brought varied results to the Baltimore real estate market, although homes continue to sell at a steady pace, according to The Long & Foster Market Minute reports. The Baltimore real estate market, includes Baltimore, Anne Arundel, Howard and Harford counties and the city of Baltimore.
The Long & Foster Market Minute reports are compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales.
The number of homes sold in the Baltimore region decreased in the majority of the area compared to November 2013, with Baltimore County seeing the only increase at 12 percent. Median sale prices also declined in much of the Baltimore region, except in Baltimore City, which enjoyed a 25 percent jump in median sale price.
Active inventory increased in most of the Baltimore region in November compared to year-ago levels, with the exception of Baltimore City, which experienced a 7 percent decrease. Inventory in the remaining areas of the region grew from 4 percent to 12 percent.
Many homes in the region are selling in about two and a half months or less on average. Howard County experienced the lowest days on market (DOM) average at 56 days. Homes in Baltimore City experienced a DOM of 64 days, followed by Baltimore County at 71 days. Harford and Anne Arundel counties saw a DOM averages of 75 days and 78 days, respectively.
“Throughout the Mid-Atlantic and Northeast regions, including in the Baltimore area, we’ve seen many positive trends in real estate,” said Jeffrey S. Detwiler, president and COO for The Long & Foster Companies. “I anticipate that the market’s steady end-of-year improvements 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.
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.