Feb 201717

Median Sale Prices Rise in Much of the Greater Baltimore Market in January 2017

Feb 201717

Median Sale Prices Rise in Much of the Greater Baltimore Market in January 2017

Market Minute LogoIn January, 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 MM Jan2017

Median sale prices increased in much of the Baltimore region last month, with Baltimore City seeing an 11 percent increase and both Harford and Howard counties experiencing a 9 percent increase. In Baltimore County, the median sale price rose by 6 percent, while in Anne Arundel County it increased by 5 percent. In Carroll County, the median sale price remained the same year-over-year.

The number of homes sold in the Baltimore region varied in January. In Howard County, home sales increased by 28 percent, followed by Baltimore City with a 14 percent increase and Anne Arundel County with a 2 percent increase. In Baltimore County the number of homes sold fell by 8 percent, and it fell by 12 percent in Carroll County. In Harford County, the number of homes sold declined by 19 percent.

Active inventory fell throughout the Baltimore region in January compared to the same month last year. Carroll County experienced a decline of 28 percent, and Howard County experienced a decline of 27 percent. In Harford County, active inventory decreased by 26 percent, and in Anne Arundel County it fell by 23 percent. In Baltimore County and Baltimore City, active inventory declined by 22 percent and 18 percent, respectively.

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 54 days. Homes in Baltimore County experienced a DOM average of 62 days, and homes in Baltimore City experienced a DOM average of 63 days. In Harford County, the DOM average was 64 days, followed by Anne Arundel County with a DOM of 66 days. Carroll County experienced a DOM average of 75 days.

“Though we’re still in the real estate market’s slow winter season, the United States economy continued to see improvements in January, and we saw positive trends happening in housing too, including in the Baltimore region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Low inventory continues to cause frustration for many, but is helping to push up sale prices for those selling homes. We’re looking forward to a healthy 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. 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.