August brought some great news to the Baltimore real estate market with the entire 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, Carroll, Howard and Harford counties and the city of Baltimore. The Long & Foster Market Minute reports are based on data provided by Metropolitan Regional Information System and its member associations of Realtors and include 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 August 2014, with Harford County seeing a 32 percent increase and Carroll County seeing a 26 percent increase. Howard and Baltimore counties followed with increases of 20 percent and 12 percent, respectively. Baltimore City experienced an increase of 9 percent and Anne Arundel County experienced a 6 percent increase.
Median sale prices varied throughout the region, with Carroll County experiencing a 4 percent increase, and Baltimore County seeing no change compared to the previous year. Other areas experienced small declines from 1 percent to 6 percent.
Active inventory decreased throughout the region compared to August of last year. Inventory dropped by 8 percent in both Anne Arundel County and Baltimore City, by 7 percent in both Harford and Howard counties, and by 6 percent in both Baltimore and Carroll counties.
Many homes in the region are selling in a little over two months or less on average. Howard County experienced the lowest days on market (DOM) average at 50 days. Homes in Baltimore County experienced a DOM of 52 days, followed by Baltimore City at 59 DOM. Harford County experienced a DOM average of 62 days, while Anne Arundel County had a DOM average of 64 days and Carroll County had a DOM average of 65 days.
“Despite concerns about the global economy and the stability of China’s economy and its worldwide impact, consumers in the United States remained confident in the month of August. Consumer spending continued to increase in the U.S., and this was reflected in the real estate industry, including in our local markets,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “The Baltimore region continued to see improvements in the number of that were sold among other factors, and we’re looking forward to a strong fall 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.
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. Information included in this report is based on data supplied by MRIS, which is not responsible for its accuracy. The reports do not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of MRIS or Long & Foster Real Estate, Inc.