June 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, 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 June 2014, with Harford County seeing a 34 percent increase and Baltimore County seeing a 24 percent increase. Howard and Carroll counties followed with increases of 22 percent and 21 percent, respectively. Baltimore City experienced an increase of 17 percent and Anne Arundel County experienced a 15 percent increase.
Median sale prices decreased in most of the region, with Howard County seeing the area’s only increase of 5 percent. Other areas saw decreases of 2 percent to 6 percent in median sale price.
Active inventory decreased throughout the region compared to June of last year. Inventory dropped by 8 percent in Anne Arundel County and by 7 percent in both Harford and Howard counties. Baltimore City saw a decrease of 6 percent, followed by Baltimore County with a 4 percent decrease and Carroll County with a 1 percent decline.
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 36 days. Homes in Baltimore County experienced a DOM of 54 days, followed by Baltimore City at 56 DOM. Carroll County experienced a DOM average of 59 days, while Anne Arundel County had a DOM average of 64 days and Harford County had a DOM average of 66 days.
“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 Baltimore 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.
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