January brought some positive news to the Baltimore real estate market with almost 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 January 2015, with Baltimore County seeing a 27 percent increase and Harford County seeing a 22 percent increase. Carroll and Anne Arundel counties followed with increases of 21 percent and 17 percent, respectively. Howard County experienced an increase of 3 percent and Baltimore City experienced a 13 percent decrease in the number of homes sold.
Median sale prices varied within the region, with Baltimore City seeing a 55 percent increase and Baltimore County experiencing an 8 percent increase. In Carroll County, there was no change in median sale price from the previous year, while other areas experienced decreases of 4 percent to 10 percent.
Active inventory fell across the region compared to the same month last year. Anne Arundel County saw active inventory drop by 14 percent, while in Baltimore, Carroll, Harford and Howard counties inventory fell by 13 percent. In Baltimore City, active inventory decreased by 10 percent.
Many homes in the region are selling in two and a half months or less on average. Baltimore City experienced the lowest days on market (DOM) average at 62 days. Homes in Howard County experienced a DOM of 64 days, followed by Baltimore County with a DOM average of 65 days. Harford County saw a DOM average of 74 days, and Carroll and Anne Arundel counties saw DOM averages of 76 and 79 days, respectively.
“So far this year, the overall economic fundamentals continue to support a strong housing market in the United States, though there have been short-term hurdles, including last month’s blizzard,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Affordability will likely remain high and mortgage rates are likely to stay steady or perhaps increase slightly this year, and we expect to see some good things happening in the Baltimore region real estate market for 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.