Home Sales Continued to Fall in the Baltimore Region in November

December 21, 2018

Market Minute Logo 2017 smallThe Baltimore region continued to see home sales decline in November while the median sale price rose in most areas, according to the Long & Foster Market Minute report. Howard County experienced the largest increase in median sale price at 11 percent, as well as the largest decrease in unit sales at 18 percent. Region-wide, active inventory continued to fall and homes spent about two months on the market on average.

The Long & Foster Real Estate Market Minute report for the Baltimore region includes Baltimore, Anne Arundel, Carroll, Howard and Harford counties and the city of Baltimore.

Fredericksburg Market Minute Chart November 2018 Baltimore Market Minute Chart November 2018

“Throughout the country, declining inventory has been the trend for the past 36 months, and the real crunch is at the lower end of the market,” said Gary Scott, president of Long & Foster Real Estate. “In the last few months, that steady lack of available homes has brought home sales down with it, which we saw in the greater Baltimore market last month. The bright spot is that interest rates are at a low and there are still opportunities to invest.”

Buyers who have vision and can see a property’s potential can take advantage of those opportunities, Scott said. While most buyers want the move-in ready homes that sell quickly, there are many homes that are sitting on the market much longer, typically because they aren’t updated, he said.

“Buyers may think a new home is the best way to get what they want, but purchasing a property that needs to be updated can allow them to make it their own,” Scott said “Additionally, buyers may not know that renovation loans can enable them to roll the cost of modernizing a home into their mortgage loan. This is why having the advice of a knowledgeable, professional real estate agent, such as those at Long & Foster, is so important.”

Those selling should pay close attention to the sale price of comparable properties nearby as opposed to the price of properties listed for sale, Scott said. A home that’s priced too high is likely to sit on the market, he said. An underpriced property will usually go under contract much faster and receive multiple offers that push the sale price up to its market value.

“A property’s listing price is not the most relevant number – it’s the sale price that tells the real story,” Scott said. “My recommendation is to work with a good real estate professional, do what they advise when preparing your home for the market and trust the pricing they propose.”

To learn more about your local market conditions, visit Long & Foster’s Market Insights. You can also learn more about Long & Foster and find an agent at LongandFoster.com.