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August 2016 Housing Market Update: Baltimore and D.C. Metro Area Sales Reach Highest August Levels in a Decade

September 13, 2016  |  by Corey

The following analyses of the Washington, D.C. and Baltimore Metro Area housing markets have been prepared by Elliot Eisenberg, Ph.D. of ShowingTime RealEstate Business Intelligence (RBI) and are based on August 2016 MRIS housing data.

DC Metro Overview

  • August 2016’s median sales price of $420,750 was up 2.4% or $9,750 compared to last year, the highest August price since 2007.
  • Sales volume across the DC Metro area was more than $2.6 billion, up 16.1% from last August.
  • Closed sales of 5,089 were up 12.7% compared to last year, the highest August level since 2006.
  • New contracts increased by 4.1% to 4,907, the highest level of pending sales in August since 2005.
  • New listings of 5,500 were down 5.1% year-over-year and down 11.6% compared to last month.
  • Active listings of 10,305 are down 16.4% compared to last year. This is the fourth consecutive month of declines in year-over-year inventory levels.
  • The average percent of original list price received at sale in August was 97.5%, up from last year’s 97.2% but down from last month’s 97.9%.
  • The median days-on-market for August 2016 was 22 days, three days lower than last year.

Click here to view PDF version of this report

About the DC Metro Housing Market Update

The DC Metro Area Housing Market Update provides unique insights into the state of the current housing market by measuring the number of new pending sales, trends by home characteristics, and key indicators through the most recent month compiled directly from Multiple Listing Service (MLS) data in RBI’s proprietary database. The DC Metro Area housing market includes: Washington, D.C., Montgomery County and Prince George’s County in Maryland, and Alexandria City, Arlington County, Fairfax County, Fairfax City, and Falls Church City in Virginia.  Data based on MRIS listing activity and analyzed by ShowingTime RealEstate Business Intelligence.

Baltimore Metro Overview

  • The Baltimore Metro area median sales price of $255,000 was up 2.0% or $5,000 from last year, and at the highest August level since 2008.
  • Sales volume across the Baltimore Metro area was almost $1.1 billion, up 14.5% from last year.
  • August closed sales of 3,748 were up 13% compared to last year and up 5.3% compared to last month.
  • There were 3,932 new pending contracts recorded in August, up 10.7% compared to last year and also at the highest August level in a decade.
  • The number of new listings compared to last year dropped 0.4% to 4,708.
  • The number of active listings declined by 12.6% to 12,315, marking a full calendar year that year-over-year inventory levels have dropped.
  • The average percentage of original list price received at sale in August was 95.6%, the highest August level in a decade.
  • The median days-on-market was 29 days, down from 39 days last year.

Click here to view PDF version of this report

About the Baltimore Metro Housing Market Update

The Baltimore Metro Area Housing Market Update provides unique insights into the state of the current housing market by measuring the number of new pending sales, trends by home characteristics, and key indicators through the most recent month compiled directly from Multiple Listing Service (MLS) data in RBI’s proprietary database. The Baltimore Metro Area housing market includes the City of Baltimore, Anne Arundel County, Baltimore County, Carroll County, Harford County and Howard County in Maryland.  Data provided by ShowingTime RBI, based on listing activity from MRIS.

About MRIS

MRIS is a leading provider of real estate information technology and one of the nation’s leading multiple listing services (MLS), facilitating nearly $51 billion in system wide sales in 2015. The company supports over 45,000 real estate professionals in the Mid-Atlantic region, including Maryland, Northern Virginia, Washington, D.C. and parts of Pennsylvania, Delaware and West Virginia. MRIS provides its customers with a portfolio of best-in-class desktop, mobile and cloud-based technologies to improve the real estate transaction process for both real estate professionals and homebuyers and sellers. For more information, please visit MRIS.com or MRIShomes.com to search for thousands of available homes in the Mid-Atlantic region.

About Elliot Eisenberg

Elliot Eisenberg, Ph.D. is the Chief Economist of GraphsandLaughs, LLC, a firm specializing in economic consulting and data analysis.  He is a frequent speaker on topics including: economic forecasts, economic impact of industries such as homebuilding and tourism, consequences of government regulation, economic development and other current economic issues. Dr. Eisenberg earned a B.A. in economics with first class honors from McGill University in Montreal, as well as a Masters and Ph.D. in public administration from Syracuse University. Eisenberg was formerly a Senior Economist with the National Association of Home Builders in Washington, D.C.   He is a regularly featured guest on cable news programs, talk and public radio, writes a syndicated column and authors a daily 70 word commentary on the economy that is available at www.econ70.com

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5 responses to “August 2016 Housing Market Update: Baltimore and D.C. Metro Area Sales Reach Highest August Levels in a Decade”

  1. rodwellsmith says:

    That is very interesting. Well the statistics are very telling however I thought the Baltimore region was doing much better than showing. Anyway, the growth-spurt for Baltimore is long overdue. Thank you for the stats.

  2. Betsy Wells says:

    I'm in West Virginia. Why doesn't your Market Update include West Virginia?

  3. Dave Hagigh says:

    I've never understood why these "Metro Areas" are so large. Balto Co. and he City make up that metro area. So including Anne Arundel, etc. is not helpful at all–they're very different markets. The same can be said for the D.C. area, when you include the far out counties with Arlington, City of Alexandria, etc. Each one deserves its own reporting.

  4. Sandy Andrews, CRS, ABR, GRI Assoc Broker, RE/MAX Hall of Fame NVAR Life Top Producers Club & Li says:

    Finally a report that is not only comprehensive and meaningful, but also easy to follow. It was very helpful in writing my newsletter to the community in which I specialize. Thank you!

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