April brought some good news to the Baltimore real estate market with the region experiencing an increase in the number of homes sold, according to The Long & Foster Market Minute reports. The Baltimore real estate market includes Baltimore, Anne Arundel, Howard and Harford counties and the city of Baltimore. 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 the Baltimore region increased compared to April 2014, with Harford County seeing a 35 percent increase and Baltimore County seeing a 21 percent increase. Baltimore City and Anne Arundel County followed with increases of 17 percent and 15 percent, respectively. Howard County experienced a 5 percent increase.
Median sale prices decreased in much of the region, though Harford County saw a 6 percent uptick. Howard County experienced a 1 percent decrease, and other areas saw decreases of 3 percent to 8 percent.
Active inventory decreased in much of the Baltimore region in April compared to year-ago levels, with the exception of one area. Baltimore City saw a 10 percent drop followed by Baltimore County with a 6 percent decline in active inventory. Harford County experienced a 4 percent decrease, followed by Anne Arundel County with a 2 percent decrease. Inventory increased by 3 percent in Howard County.
Many homes in the region are selling in less than three months on average. Howard County experienced the lowest days on market (DOM) average at 51 days. Homes in Baltimore City experienced a DOM of 61 days, followed by Baltimore County at 70 DOM. Anne Arundel and Harford counties saw DOM averages of 76 days and 85 days, respectively.
“April showed us that there are some great things happening in the Mid-Atlantic and Northeast real estate market, including in the Baltimore region where we saw an increased 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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