One of the benefits of being an MRIS Customer is having access to the RealEstate Business Intelligence (RBI) statistics. Each month, RBI provides a robust analysis of real estate market statistics within the MRIS footprint. You have access to charts, graphs, reports, maps, videos and more on RBIntel.com.
Also, RBI publishes Market Updates on the 10th of the month (or the weekday immediately following if the 10th falls on a weekend). Since today is the 10th, there’s a new Market Update to view. Check out the overview and highlights for the DC and Baltimore Metro areas below:
Even with double-digit gains in new listings, overall inventory remains low
Demand remained strong in the Washington DC Metro Region in August. The number of sales and pending contracts increased. Inventories continue to decline, but the pace has slowed to a single digit year-over year decrease. New listings continue to increase and mitigate the decline of inventories. Demand for smaller units in the market continues to drive much of the overall sales. Sales of units smaller than 800 square feet increased by 35.6 percent from last August, which is over double the 13.8 percent increase for all units. Condo sales drove the majority of the increases in both sales and new contracts. Units between 800 and 1,000 square feet had a median sales price increase of 21.7 percent, or nearly three times the 7.8 percent increase for all units. The overall high demand and low supply contributed to median sale price gains within the region and resulted in the highest August-level median sales price in eight years. The median days-on-market continues to be historically low, and is now at its lowest August-level since 2005. Rising prices and strong demand may encourage new sellers to enter the market, increasing new listings and helping to meet pent up demand.
- At $415,000, the median sale price was at the highest August-level since 2007.
- The median sale price for detached homes was up 11.3% year-over-year, townhomes up 8.6% and condos up 7.7%.
- While the median sale price of $209k for Prince George’s County is roughly half the median sale price of the region overall, the county led in price growth as it was up 19.4% vs. August 2012.
- After 24 consecutive months of double-digit declines in inventory, the 8,301 active listings at month’s end is down 9.7% represents the smallest year-over-year decrease since June 2011.
- The inventory free-fall has flattened out due mostly to 5 consecutive months of double-digit gains in new listings outpacing the positive gains in new contracts. We analyze this trend further on this post.
- There were 13.8% more homes sold than in August 2012, though new contract activity was only 1.2% higher than the same month last year.
- Demand for smaller units continues to heat up and sales of units smaller than 800 square feet were up 35.6% year-over-year.
- Half the homes sold in August were on the market 14 days or less. The 14-day median DOM was 12 days lower than the previous August.
Pace of inventory decline slows, even as sales growth continues
Demand remained strong in the Baltimore Metro Region in August. The number of sales and pending contracts increased. Inventories continue to decline, but the pace has slowed to only a single digit year-over year decrease for the second consecutive month. The decline in overall inventories has been mitigated by the continuing trend of increased new listing activity. Demand for condo and townhome properties continues to be strong. Townhome sales drove the majority of the increases in both sales and new contracts. Smaller units had the highest increase in median sales price, with units less than 800 square increasing by 20.5 percent, or four times the 5.0 percent increase for all units. The overall high demand and low supply contributed to median sale price gains within the region and resulted in the highest August-level median sales price in since 2008. The median days-on-market continues to be historically low, and is now at its lowest August-level in eight years. Rising prices and strong demand should continue to encourage new sellers to enter the market, increasing new listings and helping to meet pent up demand.
Baltimore Metro Highlights
- The median sale price for August was up 5.0% year-over-year to $252,000.
- New contracts for the month were up 4.6% and closed sales were up 16.6% over last year’s level.
- There was a 16.7% spike in new listings vs. August 2012, the 5th consecutive month with double-digit gains in this indicator.
- The trend in increased new listing activity outpacing new contracts/sales growth resulted in a leveling out of the inventory decline that has occurred over the last few years. The 5% decrease in active listings at month’s end represents the second consecutive month with a single-digit decrease.
- Half the homes sold in August were on the market 31 days or less, 17 days below the August 2012 level.
To read the full update and to learn more about RBI, visit RBIntel.com.