The Baltimore real estate market saw fluctuation in units sold and median sales prices in September. Despite low inventory, the region’s market continues to be healthy overall, according to the Long & Foster Market Minute reports. The Baltimore region includes Baltimore, Anne Arundel, Carroll, Howard and Harford counties and the city of Baltimore.
In Baltimore City and Carroll County last month, the number of homes sold increased by 6 percent and 3 percent, respectively. Three areas experienced increases in median sale prices, including Baltimore City with a 7 percent increase, Howard County with a 3 percent increase and Baltimore County with a 1 percent increase.
“While many may think that the continued decline in inventory would result in further increases in median sale prices, the market is showing us that there are limits to that,” said Gary Scott, president of Long & Foster Real Estate. “With the exception of inventory, we still see the Baltimore market as being fairly healthy.”
Active inventory decreased throughout Baltimore in September, falling anywhere from 14 percent to 28 percent. Homes in the region sold in about one to two months on average. Scott cautioned homeowners planning to sell that they should be as proactive as possible when it comes to preparing their home for the market.
“Just because inventory is low and average days on market are low doesn’t mean that all homes will sell quickly,” Scott said. “Property owners looking for a fast sale still need to make sure their home is in good condition and priced right for the neighborhood, which is where a good agent can be invaluable. An expert in real estate will invest the time, effort and energy in understanding the dynamics of each market on a hyperlocal level.”
For buyers trying to purchase properties in areas where competition is high, Scott said agents should be more inventive in creating inventory opportunities than in the past. That includes reaching out to the owners of listings that expired in previous years to see if they are still interested in selling, and using property records to research homes and write to the owners to see if they might consider selling.
“In this age of technology, social media and digital presence of properties, there is a need to return to the fundamentals,” Scott said. “Agents can connect consumers in the marketplace while being a trusted advisor, helping to educate clients and assist them in interpreting market information. While regional data can provide good insight, it’s really a starting point in the research process for buyers and sellers.”
The Long & Foster Market Minute is an overview of market statistics based on residential real estate transactions for more than 500 local areas and neighborhoods and over 100 counties in eight states. The easy-to-read, easy-to-share reports include information about each area’s units sold, active inventory, median sale prices, list to sold price ratio, days on market and more.
Information included in this report is based on data supplied by Metropolitan Regional Information System and its member associations of Realtors, which are not responsible for its accuracy. The reports include residential real estate transactions within specific geographic regions, not just Long & Foster sales, and they 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.