January brought good news to the Baltimore real estate market with the majority 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, 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 many areas compared to January 2014, with Harford County seeing a 35 percent jump. Baltimore City experienced an increase of 21 percent followed by Anne Arundel County at 15 percent. The number of units sold increased by 11 percent in Baltimore County and Howard County saw the area’s only decrease at 1 percent.

Median sale prices increased in parts of the region, including by 14 percent in Howard County and by 8 percent in Harford County. Anne Arundel County experienced a small increase of 2 percent, while Baltimore County and Baltimore City saw decreases of 5 percent and 28 percent, respectively.

Active inventory increased in much of the Baltimore region in January compared to year-ago levels, with the exception of two areas. Baltimore City saw a 5 percent drop followed by Harford County with a 4 percent decline in active inventory. Baltimore County experienced a 1 percent increase, and Anne Arundel County experienced a 6 percent increase. Active inventory jumped by 11 percent in Howard County compared to January 2014.

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 64 days. Homes in Baltimore City experienced a DOM of 69 days, followed by Baltimore County at 71 DOM. Anne Arundel and Harford counties saw a DOM averages of 84 days and 86 days, respectively.

“In January, we saw some positive trends happening in the Mid-Atlantic and Northeast real estate market, including in the Baltimore region, with areas seeing rising numbers of homes sold and increasing median sale prices,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “These are some good developments in the world of real estate, and we’re expecting to see a healthy spring market in 2015.”

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.