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April RBI Pending Home Sales Index Available for D.C. Metro and Baltimore Metro

May 10, 2012  |  by Corey

The following analysis of the Washington, D.C. Metro Area and the Baltimore Metro Area housing market has been prepared by RealEstate Business Intelligence (RBI), and is based on the April 2012 RBI Pending Home Sales IndexTM released today.  Click the title or the graph to view the full reports.

Washington, D.C. Metro Area – Highest Annual Gain in Median Sale Price since January 2006

Shrinking Overall Supply and Declines in Foreclosures Continue Recent Trends

Pricing in the DC Metro Area continued recent positive trends with a year-over-year Median Sale Price gain of 11.2 percent, the highest annual gain in over six years. Active inventory remains low compared to demand, with only 3.2 months of supply. This not only put upward pressure on pricing, but resulted in significant declines in Days on Market prior to sale and the percent of Original List Price discounted at settlement. Traditional listings, or those not involving a short sale or foreclosure, represented the highest proportion of closed sales since the foreclosure wave was at its peak. While new contract activity was up 9.5 percent over April 2011 levels, the percent change vs. last month was well below normal seasonal patterns.

 

Baltimore Metro Area – Largest Annual Increase in Sale Prices since April 2006

Lowest April Inventory since 2006; Only One in Ten Sales Involves Foreclosure 

The Baltimore Metro Area housing market saw the largest year-over-year gain in sale prices since April 2006, with a median sale price of $237,500 representing a 10.5 percent increase over April 2011. Contract activity was up 9.9 percent year-over-year, though down 3.8 percent from March 2012 levels. Active inventory is down to 12,627 listings and while this represents the lowest April level since 2006, there is a solid balance between supply and demand with 6.8 months of inventory based on the average sales rate of the last twelve months. With a Median Days on Market of 64 days representing a 29-day improvement over April 2011, properly priced homes are selling at a faster pace than last year.

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3 responses to “April RBI Pending Home Sales Index Available for D.C. Metro and Baltimore Metro”

  1. Hap Parsons says:

    Great news and great information. Substantiates a lot of what we see in the field. Sellers still have to be realistic about price though. I'd love to see this level of insight at the zip code or city level.

  2. Corey Hart says:

    Thanks for the feedback, Hap – and good point about realistic pricing. Here's an infographic from a few weeks back that looks at SP to OLP ratio by Days on Market range: http://www.rbintel.com/blog/food-thought-sales-li

    Though we only create these monthly press releases for the DC Metro and Baltimore Metro areas, rbiEXPERT customers do have access to the "Local Market Insight" report, which breaks down trends and narrative by housing segment in any given ZIP Code. Here's an example: http://www.rbintel.com/sites/default/files/LMI_At

    To see a more complete picture of what's available through RBI, visit http://www.rbintel.com/products-and-services/prod

  3. […] April RBI Pending Home Sales Index Available for D.C. Metro and Baltimore Metro The following analysis of the Washington, D.C. Metro Area and the Baltimore Metro Area housing market has been prepared by RealEstate Business Intelligence (RBI), and… […]

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