Number of Homes Sold Increased in Suburban Maryland in April 2015

May 22, 2015

Market Minute LogoApril brought an increase in the number of homes sold in 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 compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales.

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The number of homes sold in April 2015 increased throughout the region when compared to the same month last year. Charles County lead the way with a 34 percent jump in the number of homes sold. Montgomery County experienced a 14 percent increase, while Prince George’s and Frederick counties saw increases of 11 percent and 10 percent, respectively.

Median sale prices varied in the suburban Maryland real estate market compared to the same month in 2014, including a 1 percent increase in Montgomery County and no change in Prince George’s County. Charles County experienced a 2 percent drop, and Frederick County experienced a 3 percent decrease.

Inventory varied in the suburban Maryland market in April, dropping by 30 percent in Prince George’s County and 11 percent in Charles County. There was a 3 percent increase in active inventory in Frederick County, and Montgomery County saw a 4 percent increase in inventory.

Homes are continuing to sell at a steady pace throughout the region. Montgomery County experienced the shortest marketing period of 44 days on market (DOM), followed by Prince George’s County at 49 days on market. Frederick County had an average DOM of 59 days, and Charles County had a days on market average of 64.

“April showed us that there are some great things happening in the Mid-Atlantic and Northeast real estate market, including in the suburban Maryland region where we saw increases in the number of homes sold,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “The conditions of the real estate market in many areas of the country are providing excellent opportunities for both buyers and sellers, and we’re pleased to see a nice robust spring 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.

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