Jun 201716

Median Sale Prices Rose in Much of the Greater Baltimore Market in May 2017

Jun 201716

Median Sale Prices Rose in Much of the Greater Baltimore Market in May 2017

Market Minute Logo 2017Median sale prices of homes increased in many parts of 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 Chart May 2017

Median sale prices increased in numerous parts of the Baltimore region last month, with Anne Arundel County seeing an 8 percent increase and Harford County experiencing a 7 percent increase. In Baltimore City, the median sale price rose by 5 percent, while in Howard County it increased by 4 percent. In Carroll County, the median sale price remained the same year-over-year, though it fell by 1 percent in Baltimore County.

The number of homes sold varied in the Baltimore region in May when compared to the same month in 2016. In both Baltimore City and Howard County, home sales rose by 6 percent, followed by Harford County with a 2 percent increase. In Anne Arundel and Baltimore counties, the number of homes sold remained the same year-over-year. Carroll County experienced a 1 percent decrease in home sales.

Active inventory fell throughout the Baltimore region in May compared to the same month last year. Carroll County experienced a decline of 36 percent, and Harford County experienced a decline of 25 percent. In Baltimore County, active inventory decreased by 20 percent, and in Anne Arundel County it fell by 19 percent. In Baltimore City and Howard County, active inventory fell by 18 percent and 16 percent, respectively.

Homes in the Baltimore region are selling at a steady pace. Howard County experienced the lowest days on market (DOM) average at 30 days. Homes in Baltimore County experienced a DOM average of 39 days, and homes in Harford County experienced a DOM average of 48 days. In both Anne Arundel County and Baltimore City, the DOM average was 50 days, followed by Carroll County with a DOM of 53 days.

“Last month, the unemployment rate in the U.S. hit its lowest level in 16 years and wages continued to increase. Even though sparse inventory continues to cause frustration in the real estate market, many areas still saw rising home sales and prices last month, including parts of the Baltimore region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “This spring has been a busy one for our agents as they’ve expertly worked to guide buyers in finding a home, and we look forward to a healthy summer 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.