Though active inventory continued to fall in the Baltimore region in May, a number of areas experienced an increase in median sale price, 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.
Three areas of the Baltimore region saw median sale prices increase last month including Baltimore City, where it rose by 6 percent. In Harford County, the median sale price increased by 5 percent, while it increased by 4 percent in Baltimore County. Harford County also saw a 3 percent increase in the number of homes sold last month.
Active inventory levels declined throughout the Baltimore region in the month of May. Baltimore City saw the smallest decline in inventory at 5 percent, followed by Carroll County, where it dipped by 8 percent. On average, homes in the region only spent four to six weeks on the market. Howard County saw the shortest days on market average at 28 days.
Many worry that if they didn’t buy a home during the spring season, they have missed out on the best opportunities. According to Gary Scott, president of Long & Foster Real Estate, that isn’t necessarily true, as each season’s market has its own pros and cons.
“While more homes are listed in the spring than any other season, the hot market also means you have more people competing to buy the same properties,” Scott said. “During other times of year there may be fewer choices, but there can also be more room for negotiation with fewer buyers on the market.”
Scott said home buyers who wait until next spring to purchase are likely to face higher sale prices and higher mortgage rates. He said he advises most buyers that they shouldn’t try to play the market.
“The time to buy a house is when you want to buy a house and it’s right for your personal situation,” Scott said. “You never know when the right home for your family will come on the market, but a knowledgeable real estate agent can help you be as prepared as possible for when it does.”
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.