Number of Homes Sold Increased in Areas of the Baltimore Region in May 2014

June 17, 2014

Market Minute LogoThe Baltimore real estate market, including Baltimore, Anne Arundel, Howard and Harford counties and the city of Baltimore, saw some positive changes in the month of May, according to The Long & Foster Market Minute reports. Some areas of the region saw increases in the number of homes sold as well as in median sale prices.

The Long & Foster Market Minute reports are compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales.

L&F Market Minute Baltimore May 2014

The number of homes sold in the region increased in some areas compared to the same month last year. Harford County experienced a 4 percent increase, Anne Arundel County experienced a 3 percent increase and Howard County experienced no change in the number of units sold. Baltimore City saw a 3 percent decrease, while Baltimore County saw a 5 percent decrease.

The median sale price increased in a few areas of the Baltimore region compared to May 2013. In Howard County the median sale price increased by 4 percent last month, while both Anne Arundel and Harford counties each experienced a 1 percent increase. Baltimore County saw a 2 percent decrease and Baltimore City saw a 4 percent decrease.

Active inventory increased in much of the region in May compared to year-ago levels, although Baltimore City saw a 3 percent decrease in inventory. Baltimore County experienced a 4 percent increase, followed by Harford County with a 7 percent increase. Anne Arundel County saw an 8 percent increase in active inventory, and Howard County saw a 24 percent increase.

Many homes in the region are selling in about two to four months on average. Howard County experienced the lowest days on market (DOM) average at 42 days. Homes in Baltimore County experienced a DOM of 57 days, while Anne Arundel County saw a DOM of 65 days. Other areas experienced DOMs from 69 to 78 days.

“Summer is fast approaching, yet across the Mid-Atlantic, the spring-selling season has yet to fully peak,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “While median sale prices rose in many areas last month, the number of sales declined when compared to May 2013. However, homes are selling quicker than this time last year and inventory is increasing. What we’re seeing is a steadying of the market, which will position the housing industry for future growth.”

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.

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