June 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 June 2015 increased throughout the suburban Maryland region when compared to the same month last year. Frederick County lead the way with a 50 percent jump in the number of homes sold. Charles County experienced a 15 percent increase, while Prince George’s and Charles counties saw increases of 13 percent and 9 percent, respectively.
Median sale prices were up in most of the suburban Maryland real estate market compared to the same month in 2014, including a 7 percent increase in Charles County, a 4 percent increase in Prince George’s County and a 2 percent increase in Montgomery County. Frederick County experienced an 8 percent decrease.
Inventory decreased in most areas of the suburban Maryland market in June, dropping by 30 percent in Prince George’s County and 6 percent in Charles County. There was a 3 percent increase in active inventory in Montgomery County and a 1 percent increase in Frederick County.
Homes are continuing to sell at a steady pace throughout the region. Montgomery County experienced the shortest marketing period of 32 days on market (DOM), followed by Prince George’s County at 35 days on market. Frederick County had an average DOM of 54 days, and Charles County had a days on market average of 61.
“The United States’ economy has been doing well this year, and as of June, consumer confidence has remained up 16 percent over last year. This positivity has shown in the real estate market, including in the suburban Maryland region, where we saw an increase in the number of homes sold,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “Many industry experts are predicting rising interest rates in the fall, and I’m optimistic that the second half of 2015 will bring more improvements.”
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.