The Baltimore real estate market, including Baltimore, Anne Arundel, Howard and Harford counties and the city of Baltimore, saw some positive trends in the month of September, according to The Long & Foster Market Minute reports. The number of homes sold increased in the majority of the Baltimore region in the month of September.
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 much of the area compared to September 2013, with Baltimore City seeing an 18 percent increase, followed by both Harford and Howard counties with a 5 percent improvement each. Baltimore County experienced a 3 percent increase, and Anne Arundel County had a 5 percent decrease.
Median sale prices varied throughout the region when compared to the same month last year. Anne Arundel County experienced a 6 percent jump, while Harford County saw a 5 percent increase. Baltimore County experienced no change in median sale price. Howard County and Baltimore City saw decreases of 2 percent and 8 percent, respectively.
Active inventory increased in the entire Baltimore region in September compared to year-ago levels. Baltimore City experienced a 4 percent increase, followed by Baltimore County with an increase of 10 percent. Inventory in the remaining areas of the region grew from 13 percent to 17 percent.
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 41 days. Homes in Baltimore County experienced a DOM of 58 days, followed by Anne Arundel County at 63 days and Harford County at 69 days. Baltimore City saw a DOM average of 70 days.
“September brought good news to many areas of 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. “More homes are being sold and median sale prices have risen in a number of areas as well. Growing inventory means homebuyers have more options to choose from, and we anticipate more improvements in the months ahead.”
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.