CHANTILLY, Va., March 18, 2013—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 February of last year, according to The Long & Foster Market Minute® reports. Median sale price 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.
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 56 percent this year compared to February 2012. Inventory levels decreased in Montgomery, Frederick, and Charles counties by 45 percent, 34 percent, and 25 percent, respectively, compared to a year ago.
In February, most of the suburban Maryland region experienced year-over-year increases in median sale price. Frederick County saw an increase of 16 percent. Montgomery and Prince George’s counties saw an increase of 11 percent and 9 percent, respectively, in median sale price compared to a year ago.
According to market data, home sales increased throughout some of the suburban Maryland region areas compared to February 2012. Charles County saw a healthy of 16 percent while Montgomery County experienced an increase in home sales of 6 percent, compared to a year ago.
Homes continued to sell quickly in the suburban Maryland region, with marketing periods under three months, on average. Montgomery County days on market (DOM) remained low at 51 days. Prince George’s County’s DOM was 54 days, Frederick County’s was 64 days, and Charles County’s was 78 days.
“As we gear up for the 2013 spring buying season, the local real estate market in the Suburban Maryland region continues to benefit from positive economic conditions, job growth, and consumer optimism,” said Jeffrey S. Detwiler, president and chief operating officer of The Long & Foster® Companies.
“In February 2013, home prices continued to appreciate, inventory remained low, and houses were snapped up at a rapid pace – all great signs for a Suburban Maryland-area residential real estate market that is in full recovery mode.”
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.