January brought an increase in the number of homes sold 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.
The number of homes sold increased in the suburban Maryland region in January 2015 when compared to the same month last year, with Frederick County experiencing the largest increase of 20 percent. Prince George’s County saw an increase of 13 percent, followed by Charles County with a 10 percent increase. In Montgomery County, the number of homes sold increased by 6 percent.
Median sale prices varied in the suburban Maryland real estate market compared to the same month in 2015, with Prince George’s County experiencing a 12 percent increase and Charles County experiencing no change from the previous year. Frederick and Montgomery counties experienced decreases of 3 percent and 4 percent, respectively.
Inventory declined throughout the suburban Maryland market in January, dropping by 28 percent in Prince George’s County, by 19 percent in Charles County and by 14 percent in Montgomery County. In Frederick County, active inventory fell by 3 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 47 days on market (DOM), followed by Montgomery County at 60 days on market. Charles County had an average DOM of 68 days, and Frederick County had a days on market average of 84 days.
“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 suburban Maryland 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.