Apr 201718

Home Sales Rose in the Suburban Maryland Market in March 2017

Apr 201718

Home Sales Rose in the Suburban Maryland Market in March 2017

Market Minute Logo 2017March brought an increase in the number of homes sold 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.

MDSuburbs MM Chart March2017

The number of homes sold increased in the suburban Maryland region in March when compared to the same month last year, with Montgomery County experiencing a 17 percent increase. In Prince George’s County, the number of homes sold rose by 14 percent, while it rose by 5 percent in both Charles and Frederick counties.

Median sale prices increased throughout the suburban Maryland real estate market in March as well. Prince George’s County experienced the largest increase at 13 percent, followed by Montgomery County with an increase of 6 percent. In both Charles and Frederick counties, the median sale price increased by 2 percent.

Inventory declined in the suburban Maryland market in March, dropping by 33 percent in Prince George’s County and 31 percent in Charles County. Frederick County experienced a 23 percent decline in active inventory, and in Montgomery County it fell by 22 percent.

Homes sold at a steady pace throughout the region, with many selling in six to nine weeks on average. In both Montgomery and Prince George’s counties, the days on market (DOM) average was 44 days, while homes sold in about 53 days on average in Charles County. In Frederick County, the DOM average was 63 days.

“March was a great month at Long & Foster and we saw numerous positive indicators of growth in the real estate market, including in the suburban Maryland region where home sales and sale prices both increased,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “With spring in full swing and mortgage rates remaining low, more people are looking to buy and sell homes. We anticipate the season will continue to bring robust activity to the housing market.”

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.