Jun 201623

Number of Homes Sold Increased in the Baltimore Region in May 2016

Jun 201623

Number of Homes Sold Increased in the Baltimore Region in May 2016

Market Minute LogoMay 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.

Baltimore MM May2016

The number of homes sold in the Baltimore region increased compared to May 2015, with Carroll County seeing a 27 percent increase and Harford County seeing a 20 percent increase. Anne Arundel County experienced an increase of 16 percent and both Baltimore City and Baltimore County experienced a 10 percent increase in the number of homes sold. Howard County saw the number of homes sold increase by 6 percent.

Median sale prices increased in most of the region as well, with Carroll County seeing an 8 percent increase and Baltimore City experiencing a 7 percent increase. In Baltimore and Harford counties, the median sale price rose by 4 percent, followed by Howard County with a 3 percent increase. The median sale price declined by 1 percent in Anne Arundel County.

Active inventory fell across the region compared to the same month last year. Both Harford and Howard counties saw a 23 percent drop and in Anne Arundel County active inventory declined by 21 percent. Baltimore County followed with active inventory declining by 18 percent, while in Baltimore City and Carroll County it fell by 13 percent.

Many homes in the region are selling in about three months or less on average. Howard County experienced the lowest days on market (DOM) average at 42 days. Homes in Baltimore County experienced a DOM of 52 days, followed by Carroll County with a DOM average of 53 days. Both Anne Arundel and Harford counties saw a DOM average of 59 days, and Baltimore City saw a DOM average of 61 days.

“May was a good month for the real estate industry overall this year, as well as in the Baltimore region. Mortgage rates remain at historic lows and consumer confidence hit its highest since June 2015 last month,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “These developments, along with other positive economic news, indicate the strength of the real estate market, which we expect to continue to do well throughout the 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.