May 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 May 2015 increased throughout the region when compared to the same month last year. Frederick County lead the way with a 9 percent jump in the number of homes sold. Montgomery County experienced a 6 percent increase, while Prince George’s and Charles counties saw increases of 3 percent and 1 percent, respectively.
Median sale prices varied in the suburban Maryland real estate market compared to the same month in 2014, including a 12 percent increase in Prince George’s County, a 1 percent increase in Frederick County and no change in Charles County. Montgomery County experienced a 3 percent decrease.
Inventory varied in the suburban Maryland market in May, dropping by 29 percent in Prince George’s County and 6 percent in Charles County. There was a 1 percent increase in active inventory in both Frederick and Montgomery counties.
Homes are continuing to sell at a steady pace throughout the region. Montgomery County experienced the shortest marketing period of 37 days on market (DOM), followed by Prince George’s County at 41 days on market. Frederick County had an average DOM of 55 days, and Charles County had a days on market average of 59.
“Across the Mid-Atlantic and Northeast, real estate did well during the month of May 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. “The markets this year have been much healthier overall and we saw higher than predicted retail sales, a year-over-year boost in customer confidence, and a slight uptick in new jobs. We’re confident these positive trends will continue through the summer.”
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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