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 June, according to The Long & Foster Market Minute reports. Some areas of the region saw increases in median sale prices as well as in the number of homes sold.
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 in the region increased in some areas compared to the same month last year. Anne Arundel County experienced a 5 percent increase and Baltimore City had a 1 percent increase. Harford County experienced no change in the number of units sold, while the number of units sold in Baltimore and Howard counties dropped 5 percent and 16 percent, respectively.
The median sale price increased in a few areas of the Baltimore region compared to June 2013. In Baltimore County the median sale price increased by 6 percent last month, while Anne Arundel County and Baltimore City each experienced a 4 percent increase. Harford County saw a 2 percent decrease and Howard County saw a 4 percent decrease.
Active inventory increased in much of the region in June compared to year-ago levels, although Baltimore City saw no change in inventory levels. Baltimore County experienced a 6 percent increase, while other areas saw increases of 11 percent to 27 percent.
Many homes in the region are selling in about two months on average. Howard County experienced the lowest days on market (DOM) average at 36 days. Homes in Baltimore County experienced a DOM of 50 days, while Anne Arundel County saw a DOM of 57 days. Other areas experienced DOMs from 60 to 68 days.
“We’re now halfway through 2014, and this year has brought many positive developments like increasing sale prices and quick home sales,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “Overall, the market is stabilizing and that will help keep the industry healthy and ready for future growth.”
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.