October brought an increase in the number of homes sold in the suburban Maryland real estate market, according to The Long & Foster Market Minute reports. The Maryland suburbs include Charles, Frederick, Montgomery and Prince George’s counties. 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 October 2015 increased in the suburban Maryland region when compared to the same month last year. Charles County led the way with a 14 percent increase in the number of homes sold. Both Frederick and Prince George’s counties experienced an 8 percent increase, while Montgomery County saw the number of homes sold rise by 2 percent.
Median sale prices stayed fairly stable in the suburban Maryland real estate market compared to the same month in 2014, with Prince George’s County experienced a 3 percent increase. Charles, Frederick and Montgomery counties experience no change year-over-year.
Inventory declined in most of the suburban Maryland market in October, dropping by 22 percent in Prince George’s County and by 10 percent in Charles County. In Montgomery County, inventory dropped by 5 percent, while it increased by 2 percent in Frederick County.
Homes are continuing to sell at a solid pace throughout the region, with many selling in less than two months on average. Prince George’s County experienced the shortest marketing period of 44 days on market (DOM), followed by Montgomery County at 51 days on market. Frederick County had an average DOM of 55 days, and Charles County had a days on market average of 61 days.
“Consumer confidence increased once again in October and the labor market’s performing well ”“ both of which are good news for the economy,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “At Long & Foster, business remained steady, including in the suburban Maryland region where we saw improvements in the number of homes sold. We predict to see continued stability in housing as 2015 comes to a close.”
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.