.

Maryland Counties See Increase in Median Home Sale Prices

Long & Foster: Inventory is down in Montgomery and Prince George's counties.

The housing market may be on the rebound, according to new numbers released by Long & Foster.

The real estate company’s data shows that in a year-over-year comparison from February 2012 to February 2013 median sales prices are up in many Maryland counties, while the inventory of homes for sale is down significantly.

County

Median Sales Price—Feb. 2012

Median Sales Price—Feb. 2013

Change

Available Inventory—Feb. 2012

Available Inventory—Feb. 2013

Change

Montgomery

$314,995

$349,450

+11%

2,802

1,550

-45%

Prince George’s

$152,000

$165,000

+9%

3,909

1,710

-56%

The pace of homes being listed and being sold has also picked up over the past 12 months, with the average Prince George’s house staying on the market for 54 days, and 51 days in Montgomery County.

Sale prices are also high compared to the asking price. In Prince George’s County, sales prices were 99 percent of the list price and nearly 98 percent  in Montgomery County.

Jeffrey S. Detwiler, president and chief operating officer of the Long & Foster Companies said the numbers are “all great signs for a suburban Maryland-area residential real estate market that is in full recovery mode.”

Maria-Helena Miranda March 25, 2013 at 04:30 PM
As soon as the home prices stabilizes things will start to turn around. For that all the core losers/ short sales would have to have been eliminated.
Maria-Helena Miranda March 25, 2013 at 04:36 PM
Prices are going up slightly. It will help when all the foreclosures/short sales are done with. Only then the neighborhoods will stabilize, and homes will increase. l
Maria-Helena Miranda March 25, 2013 at 04:38 PM
It will be nice when all foreclosures short sales leave the inventory. Then home prices will increase to make a big difference.
Judy Christie March 27, 2013 at 05:30 PM
I'm a Realtor with Long and Foster and the days of multiple contract on one home seem to be returning. A lot of people are relocating to our area becuase of the job market. If anyone needs a Realtor please contact me at judychristie@mris.com.
Carole Taylor April 01, 2013 at 06:42 PM
Sorry, but I don't believe a word these so-called experts, or real "estate people say. They want you think all is getting better. I don't even believe what our Government tells me, much less what they say about the housing market. My house has lost 14% of it's value in the past 6 months! Sure, I believe everything they just wrote and houses in my neighborhood have been on the market for 2 to 3 years. My friends in Mongomery County are no different.

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