June brought positive news to the Baltimore real estate market with much of the 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 many areas compared to June 2015, with Harford County seeing a 12 percent increase and Anne Arundel County seeing a 9 percent increase. Both Baltimore and Howard counties experienced an increase of 7 percent and Baltimore City experienced a 5 percent increase in the number of homes sold. In Carroll County, the number of homes sold did not change when compared to the previous year.
Median sale prices increased in many parts of the region as well, with Baltimore City seeing a 10 percent increase and Harford County experiencing an 8 percent increase. In Anne Arundel and Baltimore counties, the median sale price rose by 5 percent and 4 percent, respectively. Carroll County saw no change from the previous year and in Howard County, the median sale price declined by 2 percent.
Active inventory fell across the region compared to the same month last year. In Harford County, active inventory declined by 21 percent, followed by Anne Arundel County where inventory declined by 19 percent. Active inventory fell by 18 percent in Howard County, and decreased by 16 percent in Carroll County. Baltimore County saw a decrease of 15 percent, while Baltimore City experienced a 13 percent decrease.
Many homes in the region are selling in about two months or less on average. Howard County experienced the lowest days on market (DOM) average at 31 days. Homes in Baltimore County experienced a DOM of 49 days, followed by Carroll County with a DOM average of 51 days. In Anne Arundel County, homes sold in 52 days on average, while in both Baltimore City and Harford County, the average DOM was 54 days.
“We’re more than halfway through 2016, and this year has brought steady improvements to the real estate market across the Mid-Atlantic and Northeast, including in the greater Baltimore region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Between the low inventory of available homes and the decreased mortgage rates due to Brexit, this summer’s market has been brisk. We anticipate that the strong housing market will continue into the fall.”
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.