March brought an increase in the number of homes sold in 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 compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales.
The number of homes sold in increased throughout the suburban Maryland region in March compared to the same month in 2014, with Prince George’s County seeing a 31 percent increase, followed by a 25 percent increase in Frederick County. The number of homes sold rose by 21 percent in Charles County, and by 16 percent in Montgomery County.
Median sale prices increased in much of the suburban Maryland real estate market in March, including a 9 percent increase in Prince George’s County and a 5 percent increase in Montgomery County. Frederick County experienced 2 percent rise in median sale price, while Charles County saw no change.
Inventory varied in the suburban Maryland market in March, dropping by 23 percent in Prince George’s County and 7 percent in Charles County. There was a 6 percent increase in active inventory in Montgomery County, and Frederick County saw an 11 percent increase in inventory.
Homes are continuing to sell at a steady pace throughout the region. Prince George’s County experienced the shortest marketing period of 53 days on market (DOM), followed by Montgomery County at 56 days on market. Frederick County had a DOM average of 69 days and Charles County experienced a DOM average of 85 days.
“In March, we saw some positive trends in the Mid-Atlantic and Northeast real estate market, including in the suburban Maryland region, where we saw increases in the number of homes sold,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “We saw consumer spending increase in March for the first time since November, and with rising consumer spending comes higher consumer confidence, and that bodes well for the housing 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.