Jan 201717

Median Sale Prices Rise in Much of the Greater Baltimore Market in December 2016

Jan 201717

Median Sale Prices Rise in Much of the Greater Baltimore Market in December 2016

Market Minute LogoIn December, median sale prices increased in most parts of the Baltimore region real estate market compared to the previous year, according to The Long & Foster Market Minute reports. The Baltimore real estate market includes Baltimore, Anne Arundel, Carroll, Howard and Harford counties and the city of Baltimore. 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.

Baltimore MarketMinute Chart Dec2016

Median sale prices increased in much of the Baltimore region last month, with Carroll County seeing a 14 percent increase and both Anne Arundel County and Baltimore City experiencing an 8 percent increase. In Baltimore County, the median sale price rose by 6 percent, while in Howard County it increased by 5 percent. In Harford County, the median sale price fell by just 1 percent.

The number of homes sold in the Baltimore region increased in many areas compared to last December as well, and Carroll County experienced a 10 percent increase. In Harford County, home sales increased by 6 percent, followed by Baltimore City and Howard County with a 2 percent increase each. In Anne Arundel County there was no year-over-year change in the number of homes sold, and Baltimore County saw a 2 percent decrease.

Active inventory fell throughout the Baltimore region in December compared to the same month last year. Carroll County experienced a decline of 28 percent, and Harford County experienced a decline of 26 percent. Both Anne Arundel and Howard counties saw active inventory fall by 24 percent, and in Baltimore County inventory declined by 21 percent. In Baltimore City, active inventory declined by 18 percent.

Many homes in the region are selling in about two and a half months or less on average. Howard County experienced the lowest days on market (DOM) average at 46 days. Homes in Baltimore County experienced a DOM average of 57 days, and homes in Anne Arundel County experienced a DOM average of 61 days. In both Baltimore City and Carroll County, the DOM average was 62 days. Harford County experienced a DOM average of 70 days.

“The positive trends we’ve been seeing in the U.S. economy continued in December, and though the real estate market is in its typical winter slowdown we still saw some good things happening, including in the Baltimore region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “We anticipate a strong 2017 real estate market where buyers will be able to take advantage of a number of factors like better FHA loan terms and mortgage rates ranging from 4-5 percent.”

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.