Long & Foster Market Minute® reports show tightened inventory in April
The Maryland suburbs of the Washington, D.C., metropolitan real estate market including Charles, Frederick, Montgomery and Prince George’s counties – experienced some positive trends compared to April of last year, according to The Long & Foster Market Minute® reports. The number of homes sold increased throughout the entire suburban Maryland region, inventory levels continued to fall, and homes continued to sell at a rapid pace.
The Long & Foster Market Minute® reports are compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales.
According to market data, home sales increased throughout the suburban Maryland region areas compared to April 2012. Frederick County saw a healthy increase of 13 percent, while Montgomery County experienced an increase in home sales of 10 percent, compared to a year ago. Charles and Prince George’s counties both saw increases of 7 percent this year compared to last year.
Active inventory continued to decline across the entire suburban Maryland region, with significant double digit decreases throughout. Total active inventory decreased in Prince George’s County by 57 percent this year compared to April 2012. Inventory levels decreased in Montgomery County by 38 percent and by 30 percent in Frederick County. Charles County saw a decrease of 26 percent compared to a year ago.
In April, most of the suburban Maryland region experienced year-over-year increases in median sale price. Montgomery County saw an increase of 11 percent. Frederick and Prince George’s counties both recorded increases of 10 percent in median sale price compared to a year ago.
Homes continued to sell quickly in the suburban Maryland region, with marketing periods now less than two months, on average. Montgomery County days on market (DOM) remained low at 39 days. Prince George’s County’s DOM was 51 days, Frederick County’s was 52 days, and Charles County’s was 55 days.”The residential real estate market continues to bloom in the suburban Maryland region this spring. Market conditions remain on the upward trend – including job growth, home affordability and consumer confidence – and those interested in the local market are researching what it has to offer,” said Jeffrey S. Detwiler, president and chief operating officer of The Long & Foster® Companies.
“Although housing inventory is still low, limiting buyers’ options, the suburban Maryland market continues to show a number of positive trends, such as appreciating home prices, an increasing number of homes sold and decreasing average days on market. These indicators are all good signs for the suburban Maryland region’s local housing market, and just go to show it’s a great time for those considering buying to fulfill their dreams of homeownership.”
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 users can subscribe to free updates for the reports in which they’re interested.