May 201718

Median Sale Prices Rose in Greater Baltimore Market in April 2017

May 201718

Median Sale Prices Rose in Greater Baltimore Market in April 2017

Market Minute Logo 2017Median sale prices of homes increased in the Baltimore region real estate market last month, 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 April2017

Median sale prices increased in numerous parts of the Baltimore region last month, with Baltimore County seeing an 8 percent increase and Anne Arundel County experiencing a 7 percent increase. In Harford County, the median sale price rose by 4 percent, while in Baltimore City it increased by 3 percent. In Howard County, the median sale price remained the same year-over-year, though it fell by 3 percent in Carroll County.

The number of homes sold varied in the Baltimore region in April when compared to the same month in 2016. In Harford County, home sales rose by 22 percent, followed by Baltimore City with a 4 percent increase. In Anne Arundel County, the number of homes sold increased by 2 percent. Howard County experienced an 8 percent decrease in home sales, and in Baltimore and Carroll counties, the number of homes sold declined by 9 percent and 20 percent, respectively.

Active inventory fell throughout the Baltimore region in April compared to the same month last year. Carroll County experienced a decline of 30 percent, and Harford County experienced a decline of 26 percent. In Howard County, active inventory decreased by 25 percent, and in both Baltimore City and Baltimore County it fell by 20 percent. In Anne Arundel County, active inventory fell by 18 percent.

Homes in the Baltimore region are selling at a steady pace. Howard County experienced the lowest days on market (DOM) average at 34 days. Homes in Baltimore County experienced a DOM average of 49 days, and homes in Anne Arundel County experienced a DOM average of 52 days. In Carroll County, the DOM average was 54 days, followed by Harford County with a DOM of 57 days. In Baltimore City, the DOM average was 71 days.

“April was a solid month at Long & Foster and, despite the lacking inventory that most areas are experiencing, we saw numerous positive indicators of growth in the real estate market, including in the greater Baltimore region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Market conditions are creating a lot of competition for homes, but we know our family of experienced, professional agents can help homebuyers succeed in finding not only a place to live, but a home they’ll love.”

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.