Long & Foster’s year-end market report details real estate trends
The real estate market in the Baltimore | Annapolis | Eastern Shore Region remained steady in 2019, with a slight 3% rise from 2018, while luxury home sales ($750K+) outpaced the market with a 17% increase over the year prior, according to the Long & Foster | Christie’s International Real Estate 2019 Baltimore | Annapolis | Eastern Shore Region Market Report.
Housing inventory remained tight during the past year, with December inventory in the region dropping 33% below December 2018 figures. The high-end market also experienced a 20% decline in properties for sale. Although the number of homes for sale in the region declined, luxury properties priced at $5M and above rose a significant 40%.
“Similar market conditions are expected in 2020, as inventory remains low and prices steadily appreciate,” said Jeffrey S. Detwiler, president and CEO of The Long & Foster Companies. “Interest rates are expected to stay around 4% and overall, a healthy real estate market is predicted for this year, with high consumer confidence and a strong stock market likely to continue.”
In Central Maryland, which includes Annapolis and Clarksville, the number of luxury properties sold rose by 11.7% in 2019. Average monthly inventory of luxury homes for sale declined by 22.8% for the year, and the median sale price increased by a modest 0.6%. The average marketing time dropped 10.8% to 66 days.
The luxury real estate market also was on an upward trend in the Eastern Shore of Maryland throughout 2019, with units sold up by 13.5% and median sales prices down 0.7%. Average monthly inventory dropped by 13.8% compared to 2018, while the average days on market remained unchanged.
In addition to highlighting major trends in the Baltimore and Eastern Shore regions, the 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. View the report in its entirety here.
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