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 February 2017 MRIS housing data.
DC Metro Overview
- February 2017’s median sales price of $399,700 was up $19,700 or 5.2% compared to last year. This is the highest February median sales price of the last decade, exceeding the prior high of $390,000 seen in 2015.
- Sales volume across the DC Metro area was nearly $1.59 billion, up 16.7% from last February.
- Closed sales of 3,098 were up 7.8% compared to last year, also the highest February level in a decade, and exceeding the 2,874 sales recorded last February.
- Pending sales also reached a ten-year February high at 4,656, increasing by 2.7% over last year.
- New listings of 5,560 increased 7.5% compared to last year.
- Active listings of 7,503 are down 9.5% compared to last year, although up 3.9% compared to last month. This is the tenth consecutive month of declines in year-over-year inventory levels. Inventories are at the lowest February level since 2014.
- The average percent of original list price received at sale in February was 97.4%, up from last year’s 96.7%, also up slightly from last month’s 97.0%.
- The median days-on-market for February 2017 was 28 days, 16 days lower than last year and six days lower than last month.
Baltimore Metro Overview
- The Baltimore Metro area median sales price of $230,000 was up 2.2% or $5,000 from last year, and is at the highest February level since 2009, where it was $239,950.
- Sales volume across the Baltimore Metro area was up 3.8% from last year to $589 million.
- February closed sales of 2,211 were down 1.6% compared to last year’s decade high of 2,248.
- The 3,538 new pending contracts set a February decade high, up 0.4% compared to last year and up 10.7% from last month.
- The 4,045 new listings in February were up 1.4% compared to last year and were at the highest February level since 2008.
- The number of active listings declined by 15.4% to 8,930, the 18th consecutive month of declining year-over-year inventory levels, and is the lowest inventory level in over 10 years.
- The average percentage of original list price received at sale in February was 94.3%, the highest February level in a decade, exceeding the previous high set in February 2014 of 93.0%.
- The median days-on-market was 56 days, down from 66 days last year, and at 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 MarketStats by 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