Number of Homes Sold Increased in Suburban Maryland in February 2016

March 21, 2016

Market Minute LogoFebruary brought an increase in home sales to the suburban Maryland real estate market, according to The Long & Foster Market Minute reports. The Maryland suburbs include Charles, Frederick, Montgomery and Prince George’s counties. 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.

SuburbanMd MM Feb2016

The number of homes sold increased in the suburban Maryland region in February 2015 when compared to the same month last year, with Charles County experiencing the largest increase of 14 percent. Both Montgomery and Prince George’s counties saw an increase of 13 percent, followed by Frederick County with a 9 percent increase.

Median sale prices increased in most of the suburban Maryland real estate market compared to the same month in 2015, with Frederick County experiencing a 7 percent increase and Prince George’s County experiencing a 5 percent increase. In Montgomery County, the median sale price rose by 3 percent, while it declined by 5 percent in Charles County.

Inventory declined throughout the suburban Maryland market in February, dropping by 26 percent in Prince George’s County, by 20 percent in Charles County and by 18 percent in Montgomery County. In Frederick County, active inventory fell by 6 percent.

Homes are continuing to sell at a solid pace throughout the region, with many selling in two and a half months or less on average. Prince George’s County experienced the shortest marketing period of 48 days on market (DOM), followed by Montgomery County at 63 days on market. Charles County had an average DOM of 72 days, and Frederick County had a days on market average of 74 days.

“The United States economy saw positive growth in the number of jobs added in February, which is good news for the housing market,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “We also saw some favorable improvements happening within our market areas last month as well, including in the suburban Maryland region. Though many places are feeling the squeeze of low inventory, we anticipate an upturn in the spring will help alleviate demand.”

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.