October brought some positive news to the Baltimore real estate market with much 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, Carroll, Howard and Harford counties and the city of Baltimore. 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 in the majority of the Baltimore region increased compared to October 2014, with Harford County seeing a 33 percent increase and Carroll County seeing a 16 percent increase. Anne Arundel and Baltimore counties followed with increases of 13 percent and 12 percent, respectively. Howard County experienced an increase of 7 percent and Baltimore City experienced no change in the number of homes sold.
Median sale prices varied within the region, with Baltimore City seeing a 5 percent jump, followed by Anne Arundel County with an increase of 4 percent. In Harford County, median sale price rose by 3 percent, while it increased by 1 percent in Baltimore County. Carroll County saw no change in median sale price year-over-year, and in Howard County it decreased by 5 percent.
Active inventory fell across the region compared to the same month last year. Harford County saw active inventory drop by 12 percent, while it fell by 11 percent in Howard County. Active inventory decreased by 10 percent in both Anne Arundel and Carroll counties, and by 8 percent in Baltimore County. Baltimore City experienced a 6 percent decrease in active inventory.
Many homes in the region are selling in two and a half months or less on average. Howard County experienced the lowest days on market (DOM) average at 51 days. Homes in Baltimore County experienced a DOM of 56 days, followed by Carroll County with a DOM average of 67 days. Baltimore City saw a DOM average of 68 days, and Anne Arundel and Harford counties saw DOM averages of 70 and 71, respectively.
“Consumer confidence increased once again in October and the labor market’s performing well ”“ both of which are good news for the economy,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “At Long & Foster, business remained steady, including in the Baltimore region where we saw improvements in the number of homes sold and median sale prices. We predict to see continued stability in housing as 2015 comes to a close.”
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.