Tightening inventory continued to affect the housing market across the country and in the Baltimore | Annapolis | Eastern Shore region, where sales decreased 4 percent in the first half of 2018. Overall, the number of homes for sale in the region dropped 12 percent in the first six months of the year compared to the year prior.
While the luxury market—homes above $750,000 in the Baltimore region—was less affected by inventory challenges, it, too, saw a 2 percent decline of properties for sale, according to the Long & Foster | Christie’s International Real Estate mid-year market report for the region.
“While it is a complex and ever-changing market, it also presents tremendous opportunities for both buyers and sellers,” said Jeffrey S. Detwiler, president and CEO of The Long & Foster Companies. “If you are looking for a real estate partner to help you navigate these conditions, choose Long & Foster | Christie’s. We have 50 years of expertise in real estate and we rank as the No. 1 brokerage firm in the Baltimore metro region, both in traditional and luxury real estate sales. We know the neighborhoods, the market and the process, so we can successfully guide you on your journey home.”
Luxury real estate sales increased in Central Maryland in the second quarter of 2018, with units sold up by 6 percent. Average monthly inventory fell by 4.7 percent compared to the second quarter of 2017, while median sale prices rose 1.2 percent. The average time properties spent on the market declined by 9.7 percent, selling faster than the same quarter last year. The Central Maryland areas with most luxury homes on the market included Clarksville, which had 55 percent luxury property listings, as well as Fulton with 48 percent and Phoenix with 33 percent.
On the Eastern Shore, the number of luxury properties sold in the second quarter fell by 13.6 percent. Average monthly inventory of luxury homes for sale was flat, with a 0.4 percent decrease for the quarter, and the median sale price declined by 2.6 percent. The average marketing time increased 13.9 percent to 131 days, up from 115 days in the same quarter in 2017. Among the area’s luxury neighborhoods, Queenstown had the highest percent of luxury listings at 38 percent, followed by St. Michaels with 29 percent, Easton with 17 percent and Stevensville with 16 percent.
In addition to highlighting major trends in the Central Maryland region, the Long & Foster | Christie’s Baltimore/Annapolis/Eastern Shore Region Market Report spotlights individual neighborhoods. It also summarizes the local luxury market by the types of homes (for example, single family and townhomes) sold in individual neighborhoods, providing an in-depth analysis of the residential market. To view the report in its entirety, visit https://mydigitalpublication.com/view/long-and-foster/market-report-baltimore-annapolis-eastern-shore-region/mid-year-2018-baltimore-annapolis-eastern-shore-market-report
For more information about Long & Foster, visit LongandFoster.com.