The number of homes sold increased in nearly all areas of the Baltimore real estate market in October, according to The Long & Foster Market Minute reports. The Baltimore real estate market, includes Baltimore, Anne Arundel, Howard and Harford counties and the city of Baltimore.
The Long & Foster Market Minute reports are compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales.
The number of homes sold in the Baltimore region increased in the majority of the area compared to October 2013, with Baltimore City seeing a 19 percent increase, followed by Baltimore County with a 13 percent improvement. The number of homes sold in Harford County increased by 12 percent in October, while Anne Arundel County saw a 6 percent increase. Howard County experienced the only decrease at 4 percent.
Median sale prices varied throughout the region when compared to the same month last year. Both Baltimore and Howard counties experienced a 6 percent jump. Harford County saw a 3 percent decrease, and both Anne Arundel County and Baltimore City experienced declines of 8 percent.
Active inventory increased in most of the Baltimore region in October compared to year-ago levels, with the exception of Baltimore City, which experienced a 2 percent decrease. Inventory in the remaining areas of the region grew from 8 percent to 16 percent.
Many homes in the region are selling in about two and a half months or less on average. Howard County experienced the lowest days on market (DOM) average at 47 days. Homes in Baltimore County experienced a DOM of 63 days, followed by Baltimore City at 69 days. Both Anne Arundel and Harford counties saw a DOM averages of 72 days.
“October brought modest improvements to the Mid-Atlantic real estate market, including in the Baltimore region,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “In many areas we saw increases in the number of homes being sold, as well as some positive trends in the number of days homes spent on the market. These are welcome signs for real estate in the region, and with continued improvements being made in the economy, we expect a smooth end to 2014.”
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.
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