SUBURBAN MARYLAND HOUSING MARKET SEES TIGHTENING INVENTORY, QUICKLY-SELLING HOMES IN OCTOBER

Chantilly, VA — 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 October of last year, according to The Long & Foster Market Minute® reports. Throughout suburban Maryland, houses are selling in less than three months, on average, and inventory has tightened compared to year-ago data.

View the October data.

Homes continued to sell quickly in the suburban Maryland region, with houses selling in three months or less, on average. In Montgomery County, days on market (DOM) remained low at 69 days. Frederick County’s DOM was 82 days, Prince George’s County’s was 76 days, and Charles County reported 87 days. Lower DOM averages indicate signs of a strong market. Long & Foster agents point out that many homes priced competitively in the region sell in just a few weeks, sometimes with multiple offers, a reflection of continued demand and the relative lack of supply in some local areas.

In October, active inventory decreased significantly throughout the suburban Maryland region, continuing a downward trend since late 2010. Total active inventory decreased in Charles, Frederick, Montgomery, and Prince George’s counties were 29 percent, 24 percent, 17 percent, and 26 percent, respectively, compared to October 2010. Year-over-year sales have decreased in most areas, likely attributable to the continued decline in available inventory. According to data, Prince George’s County experienced a 4 percent increase in the number of units sold when compared to one year ago.

The suburban Maryland region experienced mixed trends in median sale price in October, with Frederick County showing signs of strengthening. Frederick County experienced a 2 percent increase in median sales price to $255,000. The eastern suburban Maryland counties of Charles and Prince George’s experienced declines relative to the previous year.

“Given the changing dynamics of the residential real estate market, we recognize how important it is to support our clients from contract to closing and beyond—and this starts at the very beginning of the process with comprehensive market data,” said Jeffrey S. Detwiler, president and chief operating officer of The Long & Foster® Companies.

“We are continuing to see some very positive trends in suburban Maryland, including increases in median sale price in some areas and quickly-selling homes throughout the region. For consumers, these dynamics could signal an ideal opportunity to buy or sell real estate.”

“We always provide our Long & Foster sales associates with the right tools and information to make today’s complex world of real estate as easy as it can be for clients, whether they are buying or selling a home for their families or investing to benefit their financial futures,” Detwiler added.