March brought an increase in median sale prices to much of the suburban Maryland real estate market, according to The Long & Foster Market Minute reports. The Maryland suburbs include Charles, Frederick, Montgomery and Prince George’s counties. The Long & Foster Market Minute reports are based on data provided by Metropolitan Regional Information System and its member associations of Realtors and include residential real estate transactions within specific geographic regions, not just Long & Foster sales.
Median sale prices increased in most of the suburban Maryland real estate market compared to the same month in 2015, with Prince George’s County experiencing a 5 percent increase and Charles County experiencing a 4 percent increase. In Frederick County, the median sale price rose by 1 percent, while it declined by 3 percent in Montgomery County.
The number of homes sold varied in the suburban Maryland region in March 2015 when compared to the same month last year, with Charles County experiencing the largest increase of 12 percent and Frederick County experiencing a 2 percent increase. Prince George’s and Montgomery counties saw the number of homes sold decline by 2 percent and 3 percent respectively.
Inventory declined in most of the suburban Maryland market in March, dropping by 29 percent in Prince George’s County, by 12 percent in Charles County and by 11 percent in Montgomery County. In Frederick County, active inventory did not change from the previous year.
Homes are continuing to sell at a solid pace throughout the region, with many selling in two and a half months or less on average. Prince George’s County experienced the shortest marketing period of 54 days on market (DOM), followed by Montgomery County at 55 days on market. Frederick County had an average DOM of 68 days, and Charles County had a days on market average of 75 days.
“The real estate market has been off to a good start this year and although low inventory has impacted many areas, homes are continuing to sell at a steady pace, including in the suburban Maryland region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Across Long & Foster’s markets we’ve seen modest overall growth in sales in the first quarter of 2016 and we expect to see even more positive trends in the months ahead.”
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. Information included in this report is based on data supplied by MRIS, which is not responsible for its accuracy. The reports do not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of MRIS or Long & Foster Real Estate, Inc.