The following analyses of the Washington, D.C. and Baltimore Metro Area housing markets have been prepared by Elliot Eisenberg, Ph.D. of ShowingTime and are based on December 2016 MRIS housing data.
DC Metro Overview
- December 2016’s median sales price of $410,100 was up $15,100 or 3.8% compared to last year. This is the highest December median sales price in a decade.
- Sales volume across the DC Metro area was $2.04 billion, down 0.9% from last December.
- Closed sales of 4,023 were down 4.2% compared to last year.
- New contracts increased by 1.7% to 3,538, the highest December level in a decade.
- New listings of 3,089 decreased 0.5% compared to last year.
- Active listings of 7,457 are down 13.7% compared to last year and down 18.5% compared to last month. This is the eighth consecutive month of declines in year-over-year inventory levels.
- The average percent of original list price received at sale in December was 97.0%, up from last year’s 96.4% but down from last month’s 97.2%.
- The median days-on-market for December 2016 was 29 days, five days lower than last year.
Baltimore Metro Overview
- The Baltimore Metro area median sales price of $245,000 was up 4.3% or $10,000 from last year and at the highest December level since 2008.
- Sales volume across the Baltimore Metro area was up 9.7% from last year to $916.6 million.
- This was the highest level of December sales in a decade. December closed sales of 3,196 were up 5.0% compared to last year.
- The 2,630 new pending contracts recorded in December were down 3.7% compared to last year.
- The number of new listings dropped 3.9% to 2,651 compared to last year.
- The number of active listings declined by 17.3% to 9,599, the 16th consecutive month of declining year-over-year inventory levels.
- The average percentage of original list price received at sale in December was 94.8%, the highest December level in a decade.
- The median days-on-market was 42 days, down from 47 days last year, and the lowest level in a decade.
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 MarketStats by ShowingTime’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 provided by MarketStats by ShowingTime based on listing activity from MRIS.
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 ShowingTime’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 MarketStats by ShowingTime, based on listing activity from MRIS.
MRIS, a Bright MLS, Inc. company is a leading provider of real estate information technology and one of the nation’s leading multiple listing services (MLS), facilitating nearly $54 billion in system wide sales in 2016. 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