Jul 201627

Home Sales Increase in Much of Suburban Maryland in June 2016

Jul 201627

Home Sales Increase in Much of Suburban Maryland in June 2016

Market Minute LogoJune brought an increase in the number of homes sold to the majority of the suburban Maryland real estate market, according to The Long & Foster Market Minute reports. The Maryland suburbs include Charles, Frederick, Montgomery and Prince George’s counties. The Long & Foster Market Minute reports are based on data provided by Metropolitan Regional Information System and its member associations of Realtors and include residential real estate transactions within specific geographic regions, not just Long & Foster sales.MDSuburbsMM June2016 Chart

The number of homes sold increased in much of the suburban Maryland region in June 2015 when compared to the same month last year, with Charles County experiencing the largest increase of 24 percent and Prince George’s County experiencing an 8 percent increase. Montgomery County saw the number of homes sold rise by 7 percent while it declined by 8 percent in Frederick County.

Median sale prices increased in most of the suburban Maryland real estate market in June, with Prince George’s County experiencing an 8 percent increase. Frederick and Montgomery counties saw the median sale price rise by 7 percent and 2 percent, respectively. In Charles County, the median sale price fell by 1 percent.

Inventory declined in the suburban Maryland market in June, dropping by 34 percent in Prince George’s County, by 18 percent in both Charles and Montgomery counties and by 16 percent in Frederick County.

Homes are continuing to sell at a steady pace throughout the region, with many selling in less than two months or less on average. Montgomery and Prince George’s counties experienced the shortest marketing period of 36 days on market (DOM), followed by Frederick County at 48 days on market. Charles County had an average DOM of 53 days.

“We’re more than halfway through 2016, and this year has brought steady improvements to the real estate market across the Mid-Atlantic and Northeast, including in the suburban Maryland region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Between the low inventory of available homes and the decreased mortgage rates due to Brexit, this summer’s market has been brisk. We anticipate that the strong housing market will continue into the fall.”

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. Information included in this report is based on data supplied by MRIS, which is not responsible for its accuracy. The reports 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.