November brought some 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 compared to November 2014, with Harford County seeing a 27 percent increase and Anne Arundel County seeing a 9 percent increase. Baltimore and Carroll counties followed with increases of 7 percent and 4 percent, respectively. Howard County experienced an increase of 3 percent and Baltimore City experienced a 2 percent increase in the number of homes sold.
Median sale prices varied within the region, with Harford County seeing a 6 percent increase. In Howard County, there was no change in median sale price from the previous year. Other areas experienced decreases of 1 percent to 6 percent.
Active inventory fell across the region compared to the same month last year. Howard County saw active inventory drop by 11 percent, while it fell by 10 percent in Anne Arundel Carroll and Harford counties. Active inventory decreased by 7 percent in Baltimore County, and by 4 percent in Baltimore City.
Many homes in the region are selling in two and a half months or less on average. Howard County experienced the lowest days on market (DOM) average at 55 days. Homes in Baltimore County experienced a DOM of 58 days, followed by Anne Arundel County with a DOM average of 64 days. Carroll County saw a DOM average of 68 days, and Baltimore City and Harford County saw DOM averages of 69 and 76 days, respectively.
“November brought a number of positive things to the United States’ economy, with additional jobs and increases in home construction being among them, and we saw good signs within the Long & Foster market as well,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Within the Baltimore region, we saw continued improvements in number of homes sold, and we anticipate a steady and healthy real estate market in 2016.”
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, Inc.