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 July of last year, according to The Long & Foster Market Minute® reports. In July, median sale price increased throughout the region, inventory tightened significantly and homes are generally selling in less than three 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.
According to market data, median sale price increased throughout the greater Baltimore region compared to July of last year. Baltimore City saw a 41 percent increase in median sale price compared to July 2011, and Baltimore County experienced a 13 percent increase. Anne Arundel, Howard, and Harford counties also saw increases, according to data, ranging from 2 percent to 6 percent.
Year-over-year sales increased or remained the same in most areas of the greater Baltimore region, July data shows. Anne Arundel County experienced a 20 percent increase in units sold compared to year-ago levels, and Howard and Baltimore counties experienced increases of 11 percent and 3 percent, respectively.
July data indicates that houses continue to sell relatively quickly in the Baltimore region, with many houses selling in less than three months, on average. In Howard County, days on market (DOM) hovered at 51 days, while Baltimore County and Baltimore City had DOMs of 85 days and 79 days, respectively. DOM in Harford County and Anne Arundel County were 75 days and 71 days, respectively, on average.
Active inventory levels were down significantly in July, with double digit decreasesthroughout the region. According to this month’s data, Baltimore County saw an active inventory decrease 34 percent year-over-year. Baltimore City experienced a 32 percent decrease in active inventory.
Anne Arundel, Harford, and Howard counties also experienced double-digit decreases—each more than 20 percent—in active inventory compared to year-ago levels.
“With swiftly-moving housing market dynamics, it’s more important than ever to partner with the right team of real estate professionals,” says Jeffrey S. Detwiler, president and chief operating officer of The Long & Foster Companies. “Working with the right real estate company is no longer about simply placing a yard sign in front of a house or driving around a neighborhood to see what’s available in the market. Today, partnering for success will also bring to the table the experience and expertise necessary to help buyers and sellers reach their long-term homeownership and investment goals.”
“In Baltimore, we are seeing continued momentum in the market—including increased sale prices and lower inventory levels,” Detwiler adds. “In many cases, appropriately-priced houses are selling quickly, offering an opportunity worth evaluating for those who are considering selling to move up to their dream homes.”
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 http://www.LongandFoster.com, and users can subscribe to free updates for the reports in which they’re interested.