July 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.
The number of homes sold in July 2015 increased throughout the suburban Maryland region when compared to the same month last year. Frederick County led the way with a 24 percent increase in the number of homes sold. Charles County experienced a 23 percent increase, while Montgomery and Prince George’s counties saw increases of 15 percent and 2 percent, respectively.
Median sale prices varied in the suburban Maryland real estate market compared to the same month in 2014, including a 5 percent increase in Prince George’s County and a 4 percent increase in Charles County. The median sale price fell by 1 percent in Frederick County and by 2 percent in Montgomery County.
Inventory also varied in the suburban Maryland market in July, dropping by 27 percent in Prince George’s County and by 7 percent in Charles County. There was no change in active inventory in Montgomery County and a 1 percent increase in Frederick County.
Homes are continuing to sell at a solid pace throughout the region. Montgomery County experienced the shortest marketing period of 38 days on market (DOM), followed by Prince George’s County at 40 days on market. Frederick County had an average DOM of 50 days, and Charles County had a days on market average of 51.
“The United States’ economy has been having a good summer, and the positivity we’ve been seeing in previous months continued in July. The real estate industry also reflected these trends, which was evident in the jump in the number of homes sold in the suburban Maryland region,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “We feel confident that we’ll continue to see improvements in the market, and look forward to what the end of summer and start of fall will bring.”
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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