The Baltimore real estate market, including Baltimore, Anne Arundel, Howard and Harford counties and the city of Baltimore, saw some positive changes in the month of February, according to The Long & Foster Market Minute reports. Several areas of the region saw increases in both the number of homes sold as well as the median sale price.
The Long & Foster Market Minute reports are compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales.
The number of homes sold increased compared to February 2013 in some areas of the Baltimore region. Anne Arundel County saw a 12 percent increase in the number of units sold, and Howard County experienced an 11 percent increase. Harford County experienced a 2 percent increase, while the city of Baltimore saw no change in the number of homes sold. Baltimore County experienced the only decrease at 5 percent.
The median sale price increased in many areas of the Baltimore region compared to February 2013. Prices increased in Baltimore City and Anne Arundel County by 21 percent and 7 percent, respectively. Baltimore County experienced a 3 percent increase in median sale price. Howard and Harford counties saw decreases of 3 percent and 7 percent, respectively.
Active inventory remained low in much of the region in February compared to year-ago levels. Baltimore County experienced a 4 percent decrease, while Baltimore City saw a 3 percent decrease. Howard County saw a 1 percent decrease. Anne Arundel County experienced a 1 percent increase in active inventory levels, while Harford County saw a 4 percent increase.
Many homes are selling in about three months or less on average. Howard County experienced the lowest days on market (DOM) average at 64 days. Homes in Baltimore County experienced a DOM of 71 days, while Anne Arundel County saw a DOM of 74 days. Other areas experienced DOMs from 76 to 93 days.
“February continued in much of the same pattern as January as a result of the continued winter weather, but we’re seeing more positive trends happening in the real estate market, including in the Baltimore region,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “Many areas have been enjoying increases in the median sale price and speedy home sales, and going into spring, we anticipate a stronger and more vibrant 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.