The following analysis of the Baltimore, MD and Washington, D.C. Metro Area housing markets have been prepared by RealEstate Business Intelligence (RBI), and is based on August 2012 MRIS housing data. Click here to view the full releases.
Baltimore Metro Demand Continues into Late Summer, Highest August Sales in 5 Years
Active listings shrink, drop below 12,000 for only the 2nd time since 2006
The Baltimore Metro housing market continues to exhibit signs of strength compared with last year. Both sales and new contracts had double-digit growth from August 2011. The median sale price for the metro area also rose from last year albeit slightly. If demand persists into the fall, the shrinking inventory of homes for sale will continue to play a major role in the market. Currently, the low supply of active listings is putting upward pressure on prices, decreasing days-on-market (down 17 days from last year), and increasing the average sale-to-list price ratio (up 3.5 points from last year). Many people are likely keeping their homes off the market due to continued economic uncertainty, preferring to wait it out. It is also likely that homeowners in some communities would still face equity losses if they were to sell at the current price points, which could be deterring many from entering the market. All residential property segments are selling more units at a faster rate in the metro area. Condos sales growth has been the strongest so far this year, and townhome price growth has led for nine consecutive months.
Signs of Strength Continue Deep into Summer in DC Metro Housing Market
DC Metro Area Median Price Up $29K From a Year Ago, New Contracts at 7-year August High Demand remains strong in the Washington DC Metro housing market in August, as many indicators reach multi-year highs. Sales rose to their highest August-level in three years, and new contracts reached their highest August-level in seven years. Prices continue to climb, up year-over-year for the seventh straight month, and their highest August-level in five years. Low inventory of active and new listings persists, and is playing a major role in the price appreciation. Many people are likely keeping their homes off the market due to continued economic uncertainty, preferring to wait it out. It is also likely that homeowners in some communities would still face equity losses if they were to sell at the current price points, which could be deterring many from entering the market. The condo market remains strong with double-digit growth in sales and new contracts compared to last year, higher than townhomes and detached homes.
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