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 July 2012 MRIS housing data. Click here to view the full releases.
Demand in the Baltimore Metro housing market remains strong into the summer months as evidenced by consistent growth in sales and new contracts. At the same time, the inventory of active listings continues to decline, perhaps an indication that economic uncertainty is keeping many potential sellers in their homes. The increased sales activity coupled with the diminishing supply is putting upward pressure on area home prices. The median sale price in the Baltimore Metro region is $25,000 higher than this time last year, and all jurisdictions in the region posted year-over-year median sale price gains for the second straight month. Townhome price gains have consistently outpaced detached-homes and condos over the past eight months, while the condo market has led all property segments in new contract growth over the past four months.
The shrinking inventory of homes for sale continues to play a major role in the Washington DC Metro Area housing market, though median price and sales growth has slowed. The total inventory of active listings is the lowest of any month since August 2005. The limited quantity of homes for sale is causing the median days-on-market to decrease (currently at 23 days, lowest July-level since 2005), and the sale-to-list price ratio to rise (currently at 96.3 percent, highest July-level since 2006). Sales and median price growth have slowed from the spring; however both are higher than this time last year. The condo market continues to strengthen, posting the highest year-over-year increases of all residential property segments in sales, new contracts, and median sale price.