Most of the greater Baltimore real estate market experienced an increase in median sale prices in December. Despite winter slowing down the pace of sales, the market continued to see positive trends, according to the Long & Foster Market Minute reports. The Baltimore region includes Baltimore, Anne Arundel, Carroll, Howard and Harford counties and the city of Baltimore.
Median sale prices in the Baltimore region increased in most areas compared to the previous year, including in Harford County, which experienced a 15 percent increase. Baltimore County followed with an increase of 4 percent. The number of homes sold declined in many areas of the Baltimore region last month, though Baltimore City experienced a 10 percent increase.
“The trends that we’ve been seeing aren’t changing fundamentally – inventory continues to be down and we’re still seeing small increases in median sale prices in many of our markets,” said Gary Scott, president of Long & Foster Real Estate. “We are in the beginning stages of the spring market, which really starts with a lot of preparation and planning in January. There’s a re-energization that comes after the holiday season, so we expect to see some new inventory in the next few weeks.”
Active inventory decreased by double digits throughout Baltimore in December. Carroll County experienced the largest decrease at 25 percent, followed by both Baltimore and Howard counties with a decrease of 23 percent. Average days on market ranged from 44 days to 60 days.
Scott said with the new inventory that will be coming onto the market and interest rates unlikely to increase in the next 30 to 60 days, the next few weeks may provide a good opportunity for those looking to purchase. He also said consumers should speak with a real estate professional to get advice on what the current market means for their individual situation.
“It’s important for consumers to keep in mind that general statements they see about the real estate market in the media don’t apply to every homebuyer or seller,” Scott said. “We’re seeing a lot of commonalities between markets overall, but these bigger trends can play out very differently from one neighborhood to the next.”
Consumers have access to more information than ever before when it comes to the real estate market, which can be overwhelming, Scott said. The role of the real estate agent is to be a trusted advisor who helps interpret the information and bridge the gap between larger trends and their clients’ circumstances, he said.
The Long & Foster Market Minute is an overview of market statistics based on residential real estate transactions for more than 500 local areas and neighborhoods and over 100 counties in eight states. The easy-to-read, easy-to-share reports include information about each area’s units sold, active inventory, median sale prices, list to sold price ratio, days on market and more.
Information included in this report is based on data supplied by Metropolitan Regional Information System and its member associations of Realtors, which are not responsible for its accuracy. The reports include residential real estate transactions within specific geographic regions, not just Long & Foster sales, and they 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.