August brought an increase in the number of homes sold in much of 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 in August 2015 increased in many parts of the suburban Maryland region when compared to the same month last year. Prince George’s County led the way with a 14 percent increase in the number of homes sold. Montgomery County experienced an 8 percent increase, while Charles County saw the number of homes sold rise by 2 percent. In Frederick County, the number of units sold declined by 12 percent.
Median sale prices declined in much of the suburban Maryland real estate market compared to the same month in 2014, though Prince George’s County experienced a 5 percent jump. In Montgomery County prices dropped by 3 percent, followed by a 4 percent decrease in Charles County and a 9 percent decrease in Frederick County.
Inventory declined throughout the entire suburban Maryland market in August, dropping by 23 percent in Prince George’s County and by 8 percent in Charles County. In Montgomery County, inventory dropped by 4 percent, while it decreased by 3 percent in Frederick County.
Homes are continuing to sell at a solid pace throughout the region, with many selling in less than two months on average. Prince George’s County experienced the shortest marketing period of 39 days on market (DOM), followed by Montgomery County at 41 days on market. Frederick County had an average DOM of 49 days, and Charles County had a days on market average of 55 days.
“Despite concerns about the global economy and the stability of China’s economy and its worldwide impact, consumers in the United States remained confident in the month of August. Consumer spending continued to increase in the U.S., and this was reflected in the real estate industry, including in our local markets,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “The suburban Maryland region continued to see improvements in the number of homes that sold, and we’re looking forward to a strong fall market.”
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.