Long & Foster Market Minute® reports show tightened inventory in March
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 March 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.
According to market data, home sales increased throughout most of the suburban Maryland region areas compared to March 2012. Charles County saw a healthy increase of 23 percent, while Montgomery County experienced an increase in home sales of 10 percent, compared to a year ago. Frederick County also saw an increase of 4 percent this year compared to March 2012.In March, most of the suburban Maryland region experienced year-over-year increases in median sale price. Prince George’s County saw an increase of 11 percent. Montgomery and Frederick counties saw an increase of 9 percent and 6 percent, respectively, in median sale price 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 49 days. Prince George’s County’s DOM was 53 days, Frederick County’s was 62 days, and Charles County’s was 76 days.
“Spring is finally here, along with an uptick in activity in the residential real estate market in the Suburban Maryland region. With improving market conditions – including stronger than expected job growth, and rising affordability and consumer confidence – potential buyers and sellers are using this opportunity to explore what their market has to offer,” said Jeffrey S. Detwiler, president and chief operating officer of The Long & Foster® Companies.
“While inventory remains low, limiting the number of options for would-be buyers, the Suburban Maryland market is experiencing some positive trends such as appreciating home prices and decreasing average number of days on market. These are all promising signs for the Suburban Maryland region’s local housing market, and provide a prime opportunity for fence-sitters 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.