Long & Foster Market Minute® reports show inventory tightened

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 April of last year, according to The Long & Foster Market Minute® reports. In April, the number of homes sold 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.

The greater Baltimore region saw an increase or remained the same in the number of homes sold in April throughout the entire region. Baltimore City experienced an increase of 19 percent in homes sold, compared to a year ago. Baltimore County experienced a 15 percent increase year-over-year, and Anne Arundel County reported an 11 percent compared to April 2012. Harford County saw an increase of 5 percent and Howard County saw no change this month compared to a year ago.

Active inventory levels continued their declines in April, with double digit decreases throughout the region. According to April data, Howard County saw an active inventory decrease of 38 percent year-over-year, and Baltimore and Anne Arundel counties experienced a 28 percent and 21 percent decrease, respectively, in active inventory. The rest of the region saw decreases in inventory that ranged from 17 percent to 20 percent.

According to market data, median sale prices increased through much of the greater Baltimore region compared to April of last year. Baltimore City saw a 5 percent increase in median sale price compared to April 2012. Anne Arundel and Harford counties also saw increases of 4 percent and 3 percent, respectively.

April data indicates that houses continued to sell in less than three months on average in the Baltimore region. In Howard County, days on market (DOM) was at 53 days, while Baltimore City and Harford County had DOMs of 71 and 74 days, respectively. On average, Anne Arundel and Baltimore counties experienced DOMs of 76 days and 82 days, respectively.

“The residential real estate market continues to bloom in the Baltimore region this spring. Market conditions remain on the upward trend – including job growth, home affordability and consumer confidence – and those interested in the local market are researching what it has to offer,” said Jeffrey S. Detwiler, president and chief operating officer of The Long & Foster® Companies.

“Although housing inventory is still low, limiting buyers’ options, the Baltimore market continues to show a number of positive trends, such as appreciating home prices, an increasing number of homes sold and decreasing average days on market. These indicators are all good signs for the Baltimore region’s local housing market, and just go to show it’s a great time for those considering buying to fulfill their dreams of homeownership.”

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.