As we begin a new year I am thrilled to announce an exciting new way to analyze market data which will provide consumers a real time glance into what trends are taking place in the Baltimore and Greater DC Metro markets. Starting today with the unveiling of the new RBI Pending Home Sales IndexTM, we will begin reviewing pending home sales data as part of our monthly reports. The RBI Pending Home Sales IndexTM is up-to-the-minute data allowing RBI to provide the most current market information.
The report will review the data with a two-year retrospect rather than a traditional year-to-year glance. The RBI Pending Home Sales Index™ is a two-year moving window on the housing market that combines pending sales and average sales price. By using the timeliest metric available – pending home sales – RBI will provide a robust scope of the local market since the first major dip in 2008.
RBI’s trendsetting analysis will provide the most prolific housing market indicators as pending home sales provide a true sense of where the market is today, and where it is headed in the future. In addition to RBI’s innovative new way of reviewing market data, the traditional RBI monthly data for December was also recently released.
Based on the data for Greater DC Metro area, I am seeing these distinct trends:
- Buyers and sellers signed 3.4% less contracts in December 2010; however pending sales were 10.3% higher than the same period two-years ago.
- Pending home sale activity was consistent with seasonal trends in past years.
- Homes are taking as long to sell as last year but the pace is an increased average from the past five years.
The snapshot for Baltimore is still weak yet the pending sales are indicative that an upswing is on the horizon:
- Buyers and sellers signed 9.7% more purchase contracts in December 2010 than they did in December 2009.
- Additional inventory, added to the current supply of homes for sale, weakened home prices.
- Due to an increase in competing properties on the market, it is taking longer to sell a property and buyers and sellers are negotiating price more aggressively.
To see a full report, view our current Greater DC Metro Release and the Baltimore Release . Of course, real estate is hyper-local, so please check out your local area at www.RBIntel.com/statistics. Data on the RBI website is broken down into nine regions, 57 counties and incorporated cities, and 1,000 zip codes. For more info on RBI, check out www.RBIntel.com/frequently-asked-questions.