May 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 May 2014, with Harford County seeing an 18 percent increase and Baltimore City seeing a 16 percent increase. Baltimore and Howard counties followed with increases of 15 percent and 6 percent, respectively. Anne Arundel County experienced a 1 percent increase.
Median sale prices varied in the region, with Baltimore City seeing the largest increase at 12 percent. Baltimore County experienced a 4 percent increase, and Anne Arundel County saw a 1 percent increase in median sale price. Howard County experienced no change compared to last year, while Harford County saw a 1 percent decrease.
Active inventory decreased in the Baltimore region in May compared to year-ago levels. Baltimore City saw a 9 percent drop followed by Baltimore County with a 4 percent decline in active inventory. All other areas experienced a 3 percent decrease in active inventory.
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 40 days. Homes in Baltimore City experienced a DOM of 58 days, followed by Baltimore County at 61 DOM. Harford and Anne Arundel counties saw DOM averages of 68 days and 70 days, respectively.
“Across the Mid-Atlantic and Northeast, real estate did well during the month of May 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. “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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