Baltimore County Real Estate Market Report - May 2013
Compass Home Group
443-360-0086
The Baltimore County Real Estate Market is heating up as fast as the summer temperatures!! Homes are flying off the market in Baltimore County with the average home taking only 66 days to sell! While motivated sellers are excited their homes are selling so quickly, what really excites a seller?? MORE MONEY FOR THEIR HOME!! When looking at May 2013 and comparing it to 12 short months ago the average sales price in the Baltimore County Real Estate Market rose 6.84%, bringing the average sold price to $271,476. These key statistics are great news as home sellers enter the market and list their homes.
The Sellers power in today's market is continuing to grow as the number of homes continues to decrease. Year over year, the active number of homes for sale in Baltimore County dropped 17.15% to 2,619 active listings. While this number may seem high, you must consider that 762 homes sold in the month of May alone, up 11.24% from last year. With the number of homes selling increasing, the number of active homes for those buyers to sell is decreasing!! With these numbers, there is currently only about 3.5 months of inventory on the market. National Association of Realtors defines a healthy market has 6 months of active inventory. With only 3.5 months, the Baltimore County Real Estate Market is deep into a sellers market as inventory continues to shrink. While the number of homes sold increased year over year, the number of properties that went under contract also rose, jumping 11.75% from May of 2012.
For more information on the Baltimore County Real Estate Market, contact the Compass Home Group today at 443-360-0086. Make sure to follow our blog at www.TheCompassHomeGroup.com for market trends and statistics every month. If you are interested in selling your home, complete this short questionnaire at www.ListwithCompass.com and we will give you a detailed report on your homes value based on your specific area.
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