The greater Baltimore real estate market, including Baltimore, Anne Arundel, Howard, and Harford counties and the city of Baltimore, experienced some positive trends compared to December of last year, according to The Long & Foster Market Minute® reports. In December, inventory tightened throughout the region and houses generally sold in about three to four months, on average.
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 levels throughout the region were down in December, with most areas experiencing significant decreases compared to this time last year. According to this month’s data, Baltimore City saw a decrease in active inventory of 37 percent year-over-year. Baltimore and Harford counties experienced 28 percent and 33 percent decreases, respectively, in active inventory. Anne Arundel and Howard counties also experienced double-digit decreases in active inventory compared to year-ago levels.
December data indicates that houses continue to sell quickly in the Baltimore region, with many houses selling in three to four months, on average. In Howard County, days on market (DOM) hovered at 87 days, while Baltimore and Harford counties had DOMs of 93 days and 102 days, respectively. DOM in Anne Arundel County and Baltimore City were 107 days and 97 days, respectively, on average. Long & Foster agents indicate that many homes priced competitively in the region sell after just several weeks on the market, a reflection of continued demand and the relative lack of supply in some local areas.
According to December’s data, median sale price was mixed in the greater Baltimore region compared to December of last year. Baltimore City saw a 27 percent increase in median sale price compared to December 2010.
Year-over-year sales increased in some areas of the greater Baltimore region, December data shows. Anne Arundel and Baltimore counties each saw 6 percent increases in units sold.
“As we continue to see improvement across the Suburban Baltimore region, it’s important for consumers to have as much information as possible to make well-informed decisions pertaining to their homeownership goals,” said Jeffrey S. Detwiler, president and chief operating officer of The Long & Foster® Companies.
“The positive trends that we are seeing here in the Suburban Baltimore region such as increases in median sales prices in some areas and quickly-selling homes, could signal to consumers who may have been on the fence that now is an ideal time buy or sell real estate. Historically-low interest rates and reasonably-priced homes are creating real estate options for consumers that we have not seen for generations,” he added.
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 seven 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.