February brought good 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, 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 February 2014, with Baltimore County seeing a 30 percent jump. Harford County experienced an increase of 21 percent followed by Baltimore City at 20 percent. The number of units sold increased by 15 percent in Howard County and by 6 percent in Anne Arundel County.
Median sale prices increased in parts of the region, including by 3 percent in Howard County and by 2 percent in Harford County. Baltimore County experienced a small increase of 1 percent, while Anne Arundel County and Baltimore City saw decreases of 2 percent and 15 percent, respectively.
Active inventory decreased in much of the Baltimore region in February compared to year-ago levels, with the exception of one area. Baltimore City saw a 7 percent drop followed by Harford County with a 5 percent decline in active inventory. Baltimore County experienced a 2 percent decrease, and Anne Arundel County experienced a 1 percent decrease. Active inventory rose by 4 percent in Howard County compared to February 2014.
Many homes in the region are selling in about three months or less on average. Howard County experienced the lowest days on market (DOM) average at 67 days. Homes in Baltimore City experienced a DOM of 73 days, followed by Anne Arundel County at 75 DOM. Baltimore and Harford counties saw a DOM averages of 81 days and 96 days, respectively.
“During the month of February, we saw some improvements being made in the Mid-Atlantic and Northeast real estate market, including in the Baltimore region, with areas seeing rising numbers of homes sold,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “These improvements, along with positive trends in the economy, indicate optimism in the economy and where it’s headed. We’re looking forward to seeing good things happen in the real estate market this spring.”
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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