Median Sale Price Increased in Areas of the Baltimore Region in March 2014

April 23, 2014

Market Minute LogoThe 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 March, according to The Long & Foster Market Minute reports. Several areas of the region saw increases in the median sale price and inventory remained low.

The Long & Foster Market Minute reports are compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales.

March 2014 Market Minute Chart

The median sale price increased in many areas of the Baltimore region compared to March 2013. In Howard County median sale price increased by 13 percent last month. Anne Arundel County saw an increase of 3 percent, while Baltimore City and Baltimore County each experienced a 2 percent increase. Harford County experienced the only decrease of 10 percent.

The number of homes sold in the area varied in March. Baltimore City experienced a 9 percent increase, while Anne Arundel County saw a 1 percent increase in the number of units sold. Other areas of the region experienced decreases of 4 percent to 8 percent.

Active inventory remained low in much of the region in March compared to year-ago levels. Baltimore City experienced a 5 percent decrease, while Harford County saw a 2 percent decrease. Baltimore County experienced no changed in inventory, while Howard and Anne Arundel counties experienced increases of 3 percent and 4 percent, respectively.

Many homes in the region are selling in about three months or less on average. Baltimore County experienced the lowest days on market (DOM) average at 70 days. Homes in Howard County experienced a DOM of 71 days, while Baltimore City saw a DOM of 75 days. Other areas experienced DOMs from 79 to 83 days.

“Though the housing market got a slow start this year after a harsh winter, we’re beginning to see some 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. “In many places, we’re seeing homes selling quickly and increasing in median sale price. Now that the temperatures are heating up, we expect to see many continued improvements in the 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.

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