July 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 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 July 2014, with Harford County seeing a 29 percent increase and Baltimore County seeing a 25 percent increase. Howard and Anne Arundel counties followed with increases of 23 percent and 18 percent, respectively. Carroll County experienced an increase of 12 percent and Baltimore City experienced a 10 percent increase.
Median sale prices decreased varied throughout the region, with Harford County experiencing a 10 percent jump, followed by Howard County with a 4 percent increase. Median sale price rose by 1 percent in Baltimore City, and decreased by 1 percent in both Baltimore and Carroll counties. Anne Arundel County saw a 2 percent decrease in median sale price.
Active inventory decreased throughout the region compared to July of last year. Inventory dropped by 8 percent in both Anne Arundel and Howard counties, followed closely by a 7 percent decrease in Harford County. Both Baltimore City and Carroll County experienced decreases of 6 percent, and Baltimore County saw a 1 percent decrease in active inventory.
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 42 days. Homes in Carroll County experienced a DOM of 49 days, followed by Baltimore County at 51 DOM. Baltimore City experienced a DOM average of 59 days, while Anne Arundel County had a DOM average of 62 days and Harford County had a DOM average of 64 days.
“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 rise in the number of homes sold in the Baltimore 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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