April brought an increase in the number of homes sold, as well as increased median sale prices, to 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.
The number of homes sold increased in the suburban Maryland region in April 2015 when compared to the same month last year, with Frederick County experiencing the largest increase of 21 percent and Prince George’s County experiencing an 8 percent increase. Montgomery and Charles counties saw the number of homes sold rise by 7 percent and 6 percent respectively.
Median sale prices increased in the suburban Maryland real estate market in April as well, with Charles County experiencing an 11 percent increase and Prince George’s County experiencing an 8 percent increase. In Frederick County, the median sale price rose by 6 percent, while it increased by 1 percent in Montgomery County.
Inventory declined in the suburban Maryland market in April, dropping by 31 percent in Prince George’s County, by 12 percent in Montgomery County and by 11 percent in Charles County. In Frederick County, active inventory fell by 10 percent.
Homes are continuing to sell at a solid pace throughout the region, with many selling in two and a half months or less on average. Montgomery County experienced the shortest marketing period of 41 days on market (DOM), followed by Prince George’s County at 46 days on market. Charles County had an average DOM of 62 days, and Frederick County had a days on market average of 69 days.
“Low inventory is causing frustration for many homebuyers but we are continuing to see some positive trends otherwise, including in the suburban Maryland region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Many are seeing home prices increase, which is excellent for those looking to sell, new home sales are high and home improvement stores are reporting strong earnings. With mortgage rates continuing to remain low, we anticipate the market will remain healthy as we move into summer.”
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.