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January ’17 Housing Market Update: January home sales hit ten-year highs in both Baltimore and DC Metro areas

February 10, 2017  |  by Jonathan Hill

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 January 2017 MRIS housing data.

DC Metro Overview

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OVERVIEW

  • January 2017’s median sales price of $390,000 was up $14,500 or 3.9% compared to last year.  This is the highest January median sales price of the last decade, topping the prior high of $385,000 seen in 2015.
  • Sales volume across the DC Metro area was nearly $1.5 billion, up 19.5% from last January.
  • Closed sales of 3,014 were up 11.5% compared to last year, also the highest January level in a decade, exceeding the 2,702 sales recorded last January.
  • New contract activity also reached a ten-year January high, increasing by 15.5% versus the snowy January of 2016 to 3,954 contracts.
  • New listings of 4,541 increased 12.8% compared to last year.
  • Active listings of 7,224 are down 12.7% compared to last year and down 3.1% compared to last month. This is the ninth consecutive month of declines in year-over-year inventory levels, and inventories are at the lowest January level since 2014.
  • The average percent of original list price received at sale in January was 97.0%, up from last year’s 96.0%, but the same as last month.
  • The median days-on-market for January 2017 was 34 days, ten days lower than last year.


Baltimore Metro Overview

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  • The Baltimore Metro area median sales price of $234,950 was up 6.8% or $14,950 from last year, and is at the highest January level since 2008, where it was $250,000.
  • Sales volume across the Baltimore Metro area was up 12.2% from last year to $602.6 million.
  • January closed sales of 2,196 were up 5.9% compared to last year’s decade high of 2,073.
  • The 3,197 new pending contracts recorded in January also set a January decade high, up 14.6% compared to last year and up 11% compared to the previous high of 2,880 set in January 2015.
  • The 3,618 new listings in January were up 9.4% compared to last year and set a new decade high, exceeding the 3,605 seen in January 2010.
  • The number of active listings declined by 17.2% to 9,095, the 17th consecutive month of declining year-over-year inventory levels and the lowest January level in a decade.
  • The average percentage of original list price received at sale in January was 94.3%, the highest January level in a decade, exceeding the previous high set in January 2014 of 92.9%.
  • The median days-on-market was 46 days, down from 56 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.

About 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

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