Average days on market remains low
The real estate market in the Maryland suburbs of Washington, D.C., including Charles, Frederick, Montgomery and Prince George’s counties, is seeing the number of homes sold and median sale price increase in much of the region, according to The Long & Foster Market Minute® reports.
The Long & Foster Market Minute reports are compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales.
Homes are selling quickly throughout the suburban Maryland region, with marketing periods spanning an average of about two months. Frederick County saw an average days on market (DOM) of 42 days, while Montgomery County saw a DOM of 44 days. Prince George’s County experienced an average DOM of 48 days in December and Charles County saw a DOM of 56 days.Much of the region experienced year-over-year increases in median sale price in December. Median sale price increased the most in Charles and Prince George’s counties at 15 percent and 14 percent, respectively. Montgomery County saw an increase of 6 percent, while Frederick County experienced a decrease of 9 percent.
Active inventory varied in December, with Prince George’s County seeing a 30 percent decline and Charles County seeing a 5 percent decline in active inventory. Montgomery County experienced a 4 percent decrease in inventory, while Frederick County saw a 14 percent increase in inventory.
“We’re continuing to see many improvements throughout the real estate market on the East Coast, including in suburban Maryland,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “Many areas are experiencing rising sale prices and increases in the number of homes sold. These developments bode well for the market in 2014, and we expect to see continued improvement in the housing market, meaning better opportunities for both home buyers and sellers.”
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.