February brought an increase in the number of homes sold to much of the suburban Maryland real estate market, according to The Long & Foster Market Minute reports. The Maryland suburbs includes Charles, Frederick, Montgomery and Prince George’s counties. 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 February 2015 increased by 17 percent over the previous year in Frederick County, followed by a 12 percent increase in Charles County. Prince George’s County experienced an 8 percent increase, while Montgomery County saw a 2 percent drop in the number of homes sold.
Median sale prices increased in Prince George’s and Frederick counties by 4 percent and 1 percent, respectively. In Charles County, the median sale price decreased by 2 percent, followed by a 4 percent dip in Montgomery County.
Inventory varied in the suburban Maryland market, dropping by 33 percent in Prince George’s County and 4 percent in Charles County. Montgomery County experienced no change in inventory compared to February 2014, and Frederick County saw an increase of 9 percent.
Homes are continuing to sell at a steady pace throughout the region. Prince George’s County experienced the shortest marketing period of 48 days on market (DOM), followed by Montgomery County at 61 DOM. Frederick County experienced a DOM average of 66 days, and Charles County had an average of 80 DOM.
“During the month of February, we saw some improvements being made in the Mid-Atlantic and Northeast real estate market, including in the suburban Maryland region, with areas seeing rising numbers of homes sold,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “These improvements, along with positive trends in the economy, indicate optimism in the economy and where it’s headed. We’re looking forward to seeing good things happen in the real estate market this spring.”
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.
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