Number of homes sold increases in many areas

The Baltimore real estate market, including Baltimore, Anne Arundel, Howard and Harford counties and the city of Baltimore, saw many changes in the month of December, according to The Long & Foster Market Minute® reports. Median sale prices and the number of homes sold increased in many areas.

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

Homes in the greater Baltimore region are selling quickly, many in about 10 weeks or less on average. Howard County experienced the lowest days on market (DOM) average at 51 days. Homes in Baltimore County experienced a DOM of 59 days, while Baltimore City saw a DOM of 62 days, and both Anne Arundel and Harford counties saw DOMs of 69 days.Many areas in the Baltimore region saw more homes sold in December than in the same month last year. Baltimore City saw a 17 percent increase in the number of units sold, while Baltimore and Harford counties each experienced a 12 percent increase in homes sold. Howard County saw a 4 percent decrease in homes sold, while Anne Arundel County saw a 7 percent decrease.

Active inventory increased in much of the region in December compared to year-ago levels. Baltimore County saw a decrease in inventory of 1 percent, and both Baltimore City and Howard County’s inventories increased by 1 percent. Anne Arundel County’s active inventory increased by 3 percent and inventory increased in Harford County by 6 percent.

“We’re continuing to see many improvements throughout the real estate market on the East Coast, including in the Baltimore region,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “Many areas are experiencing rising sale prices and increases in the number of homes sold. These developments bode well for the market in 2014, and we expect to see continued improvement in the housing market, meaning better opportunities for both home buyers and sellers.”

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.