April brought positive news to the Baltimore real estate market with the entire region experiencing an increase in the number of homes sold, 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.
The number of homes sold in the Baltimore region increased in most areas compared to April 2015, with Baltimore County seeing a 17 percent increase and Anne Arundel County seeing a 15 percent increase. Howard County experienced an increase of 12 percent and Carroll County experienced an 11 percent increase in the number of homes sold. Harford County and Baltimore City saw the number of homes sold increase by 6 percent and 1 percent, respectively.
Median sale prices increased in much of the region as well, with Baltimore City seeing a 34 percent increase and Baltimore County experiencing an 8 percent increase. In Howard and Carroll counties, the median sale price rose by 1 percent, followed by Anne Arundel County with no year-over-year change. The median sale price declined by 2 percent in Harford County.
Active inventory fell across the region compared to the same month last year. Harford County saw a 19 percent drop and in Anne Arundel County active inventory declined by 18 percent. In Carroll County, inventory fell by 15 percent, while in both Baltimore and Howard counties inventory fell by 14 percent. In Baltimore City, active inventory decreased by 10 percent.
Many homes in the region are selling in three months or less on average. Howard County experienced the lowest days on market (DOM) average at 50 days. Homes in Baltimore County experienced a DOM of 62 days, followed by Harford County with a DOM average of 67 days. Anne Arundel County saw a DOM average of 68 days, and Baltimore City and Carroll County saw DOM averages of 69 and 76 days, respectively.
“Low inventory is causing frustration for many homebuyers but we are continuing to see some positive trends otherwise, including in the Baltimore region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Many are seeing home prices increase, which is excellent for those looking to sell, new home sales are high and home improvement stores are reporting strong earnings. With mortgage rates continuing to remain low, we anticipate the market will remain healthy as we move into summer.”
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.