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 January, according to The Long & Foster Market Minute® reports. Median sale prices increased with decreased inventory in many areas of the region. The Long & Foster Market Minute reports are compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales.
Median sale prices increased in most of the Baltimore region compared to January 2013. Prices increased in Baltimore City and Anne Arundel County by 12 percent and 11 percent, respectively. Baltimore County experienced a 3 percent increase in median sale price. Harford and Howard counties saw a decrease of 4 percent and 8 percent, respectively.
Active inventory remained low in much of the region in January compared to year-ago levels. Howard County experienced a 6 percent decrease, while both Baltimore City and Baltimore County saw decreases of 2 percent. Anne Arundel County saw a small 1 percent increase in active inventory, and Harford County saw a 6 percent increase.
Although fewer homes were sold in most of the Baltimore area compared to the same month in 2013 (only Baltimore City saw an increase in January 2014), they continue to sell quickly. Many homes are selling in about three months or less on average. Howard County experienced the lowest days on market (DOM) average at 52 days. Homes in Baltimore County experienced a DOM of 63 days, while Harford County saw a DOM of 65 days. Other areas experienced DOMs of 72 to 78 days.
“January’s cold weather and winter storms had an impact on the beginning of the 2014 real estate market, but we’re seeing encouraging trends along the East Coast, including in the Baltimore region,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “While the number of homes sold has dropped, there have been continued increases in median sale prices and low days on the market. With many people holding off on home searches in the cold weather, we anticipate a robust spring 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.