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July 2016 Housing Market Update: DC Metro pending sales reach highest July level since 2005. Baltimore area prices up for fifth month straight.

August 10, 2016  |  by Corey

The following analyses of the Washington, D.C. and Baltimore Metro Area housing markets have been prepared by Elliot Eisenberg, Ph.D. of ShowingTime RealEstate Business Intelligence (RBI) and are based on July 2016 MRIS housing data.

DC Metro Overview

  • July 2016’s median sales price of $435,000 was up 0.6% or $2,500 compared to last year but down 2.5% or 11,000 compared to last month.  This was the highest July price since 2007.
  • Sales volume across the DC Metro area was more than $2.6 billion, down 4.6% from last July and down 18.6% from last month.
  • July closed sales of 5,045 were down 3.4% compared to last year marking the first time since November 2014 that closed sales declined versus the prior year.
  • New contracts increased by 0.9% to 5,267, the most pending sales recorded in July since 2005.
  • New listings of 6,225 were down 8.6% year-over-year and down 17.0% compared to last month.
  • The 10,943 active listings at month’s end represent a 12.9% decline from last year. This is the third consecutive month of declines in year-over-year inventory levels.
  • The average percent of original list price received at sale in July was 97.9%, up from last year’s 97.6% but down from last month’s 98.1%.
  • The median days-on-market for July 2016 was 17 days, two days lower than last year.

Click here to view PDF version of this report


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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 RBI’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 based on MRIS listing activity and analyzed by ShowingTime RealEstate Business Intelligence.

Baltimore Metro Overview

  • The Baltimore Metro area median sales price of $267,500 was up 2.9% or $7,600 from last year, marking the highest July sales price since 2008.
  • Sales volume across the Baltimore Metro area was more than $1.1 billion, up 2.7% from last year.
  • July closed sales of 3,561 were down 1.7% compared to last year, the first year-over-year decline since August 2014.
  • There were 3,950 new pending contracts recorded in July, down 0.2% compared to last year.
  • The number of new listings compared to last year dropped by 2.4% to 5,064.
  • The number of active listings declined by 10.5% to 12,674, the eleventh month in a row of declining inventory levels.
  • The average percentage of original list price received at sale in July was 95.8%, the highest July level in a decade.
  • The median days-on-market was 26 days, down from 32 last year, matching July 2013 as the best July in a decade for median days-on-market.

Click here to view PDF version of this report

 


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 RBI’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 ShowingTime RBI, based on listing activity from MRIS.

About MRIS

MRIS is a leading provider of real estate information technology and one of the nation’s leading multiple listing services (MLS), facilitating nearly $51 billion in system wide sales in 2015. 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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