Long & Foster Market Minute reports show tightened inventory in May
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 May of last year, according to The Long & Foster Market Minute® reports. The median sale prices 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.
In May, the entire suburban Maryland region experienced year-over-year increases in median sale price. Frederick County saw an increase of 20 percent. Prince George’s and Montgomery counties recorded increases of 18 percent and 6 percent, respectively in median sale price compared to a year ago. Charles County saw a slight 1 percent increase versus last May.
Active inventory continued to decline across the entire suburban Maryland region. Total active inventory decreased in Prince George’s County by a significant 53 percent this year compared to May 2012. Inventory levels decreased in Montgomery County by 30 percent and by 17 percent in Frederick County. Charles County saw a decrease of 15 percent compared to a year ago.
According to market data, home sales increased or remained the same throughout much of the suburban Maryland region compared to May 2012. Frederick County saw a healthy increase of 16 percent, while Montgomery County experienced an increase in home sales of 6 percent, compared to a year ago. Prince George’s County sale prices remained the same this year compared to last year.
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 33 days. Charles County’s DOM was 46 days, Prince George’s County’s was 54 days, and Frederick County’s was 55 days.
“In the suburban Maryland region, the residential real estate market continues to improve. Job growth, home affordability and consumer confidence, among other market conditions remain on the upward trend. Many considering buying a home are researching what their local markets have to offer,” said Jeffrey S. Detwiler, president and chief operating officer of The Long & Foster Companies.
“The suburban Maryland market continues to show many positive trends, such as appreciating home prices, an increasing number of homes sold and decreasing average days on market, although housing inventory remains low, limiting buyers’ options. The search for a home might take longer than usual with the limited inventory in the suburban Maryland region, but it’s still a great time to become a homeowner.”
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.