A Quarterly Market Update; the Reality of Real Estate
The major statistics for the real estate market must be updated periodically. The March figures are available, so this is a good time to look at recent home sales.
The monthly data relating to real estate can be misleading. We amass the figures from January to March and compare these numbers against last year. The real estate market varies by location; hence we examine five key Maryland Counties.
They include Real Estate Sales in:
. Baltimore County
. Anne Arundel
. Prince Georges
The figures given include the current real estate prices, number of homes sold, number of active listings and pending sales and homes sold subject to contract.
Homes sold: Throughout the first three months of 2014, the total number of homes sold in the Mid-Atlantic area fell by 4.3%. The bad weather was the most likely cause of the downturn in sales. However, other factors affecting real estate sales included the poor economy, the significant uptick in mortgage rates and lack of job growth.
Property sales in Anne Arundel were up by 4.1% Property sales in Howard County were up by 1.5%
Conversely, property sales in Prince George fell by 15.7%
Real Estate Prices
Median sales prices continued to improve. Property prices increased 4.9% in the first quarter of 2014.
. Anne Arundel + 7.4%
. Prince George + 20%
. Baltimore County + 2.6%
. Howard + 2.9%
. Montgomery + 3.4%
These figures indicate real estate prices in the region have risen by 3% long term.
However, the Prince George property market has experienced high numbers of foreclosures and short sales. As the county moves from distressed sales to conventional sales it causes property prices to increase at an alarming rate.
Real Estate Listings
The number of homes on the market is historically low. The lack of listings could be due to the increase in property prices. As basic economics dictate, if demand exceeds supply it will cause a price hike. However, latest news shows an improvement in the number of home for sale.