CHANTILLY, Va., March 18, 2013—The greater Baltimore real estate market, including Baltimore, Anne Arundel, Howard, and Harford counties and the city of Baltimore, experienced some positive trends compared to February of last year, according to The Long & Foster Market Minute® reports. In February, the median sales prices increased, and inventory tightened throughout the region.
The Long & Foster Market Minute® reports are compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales.
According to market data, median sale prices increased through much of the greater Baltimore region compared to February of last year. Harford County saw an 11 percent increase in median sale price compared to February 2012. Anne Arundel, Baltimore and Howard counties also saw increases of 8 percent, 4 percent and 3 percent, respectively.
Active inventory levels continued their declines in February, with double digit decreases throughout the region. According to February data, Howard County saw an active inventory decrease of 39 percent year-over-year, and Baltimore County and Baltimore City experienced a 29 percent and 25 percent decrease, respectively, in active inventory. The rest of the region saw decreases in inventory that ranged from 18 percent to 23 percent.
February data indicates that houses continued to sell in less than four months on average in the Baltimore region. In Howard County, days on market (DOM) were at 75 days, while Baltimore City and Baltimore County had DOMs of 80 and 83 days, respectively. On average, Hartford County and Ann Arundel County experienced DOMs of 91 days and 94 days, respectively.
The greater Baltimore region saw a varied number of homes sold in February, due to loss in inventory. Baltimore City experienced an increase of 5 percent in homes sold, compared to a year ago.
“As we gear up for the 2013 spring buying season, the local real estate market in the Baltimore region continues to benefit from positive economic conditions, job growth, and consumer optimism,” said Jeffrey S. Detwiler, president and chief operating officer of The Long & Foster® Companies.
“In February 2013, home prices continued to appreciate, inventory remained low, and houses were snapped up at a rapid pace – all great signs for a Baltimore-area residential real estate market that is in full recovery mode.”
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 users can subscribe to free updates for the reports in which they’re interested.