Nov 201615

Median Sale Prices Rose in Most of the Greater Baltimore Real Estate Market in October 2016

Nov 201615

Median Sale Prices Rose in Most of the Greater Baltimore Real Estate Market in October 2016

Market Minute LogoIn October, 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 Market Minute Chart Oct 2016

Median sale prices rose in much of the Baltimore region last month, with Baltimore City seeing a 21 percent increase and Harford County experiencing a 15 percent increase. In Carroll County, the median sale price increased by 8 percent, followed by Anne Arundel County with an increase of 5 percent. Baltimore County experienced a 1 percent increase in median sale price, and in Howard County it fell by 2 percent.

The number of homes sold in the Baltimore region increased in a number of areas compared to last October, with Howard County seeing a 15 percent increase. In both Baltimore and Carroll counties, home sales increased by 2 percent, followed by Anne Arundel County with a 1 percent increase. Baltimore City saw no change in the number of homes sold compared to last year, and Harford County saw a 21 percent decrease.

Active inventory fell throughout the Baltimore region in October compared to the same month last year. Both Anne Arundel and Carroll counties saw active inventory decline by 23 percent, while it dropped by 22 percent in Howard County and by 21 percent in Harford County. In Baltimore County, active inventory decreased by 18 percent, followed by Baltimore City with a decline of 16 percent.

Many homes in the region are selling in about two months or less on average. Howard County experienced the lowest days on market (DOM) average at 41 days. Homes in Baltimore County experienced a DOM average of 56 days, and homes in Anne Arundel County experienced a DOM average of 57 days. In Harford County, the DOM average was 63 days. Carroll County and Baltimore City experienced DOM averages of 64 days and 66 days, respectively.

“The U.S. economy saw promising signs in October, such as an uptick in wage growth and higher-than-expected retail sales. In the housing market, we continued to see positive trends as well, including in the Baltimore region where we saw rising median sale prices,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Although low inventory has increased the burden on demand for homes, many are still purchasing property in an effort to take advantage of low mortgage rates.”

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.