Comments on: June 2011 RBI Pending Home Sales Index Released – Washington, D.C. and Baltimore Metro Areas

By: [RBI Pending Home Sales Index] Baltimore Metro Area 6-2011 – Highest Contract Signings for June in 4 Years | Miller Samuel Appraisals

Sat, 20 Aug 2011 11:28:55 +0000

[...] we released the RBI Pending Home Sales Index for both Washington, D.C. and Baltimore metro area housing markets for RealEstate Business Intelligence (RBI), the research, analytics arm of MRIS, the largest MLS in [...]

By: JIm

JIm — Mon, 18 Jul 2011 19:01:15 +0000

Nothing counts except for closed sales. Period.

By: Matrix » [RBI Pending Home Sales Index] Baltimore Metro Area 6-2011 – Highest Contract Signings for June in 4 Years

Tue, 12 Jul 2011 01:57:50 +0000

By: Matrix » [RBI Pending Home Sales Index] Washington, D.C. Metro Area 6-2011 – Most Active June Market in 6 Years

Tue, 12 Jul 2011 01:56:46 +0000

By: Jonathan Miller

Jonathan Miller — Mon, 11 Jul 2011 20:27:37 +0000

Thanks for dropping by. I'd like to address your comments on how "most are short sales." While there are certainly plenty of short sales, they comprised about 20.1% of DC Metro's new pending sales activity or 1 in 5 transactions in June 2011 rather than "most" of the transactions. The average days on market for short sales in June 2011 was 95 days compared to 58 days for non-bank mediated sales (no REO or Short sales) – they took about 5 weeks longer to sell (as an average). Sales trends are always in front of price trends whether or not there are any short sales in the mix. In your comment, prices would also include short sales since pending sales do and since short sales take longer to ultimately close, price trends could also be subject to skew.

Incidentally, in addition to new pending sale data, both the DC and Baltimore indices also include median sales price which is based on closed sales – if you simply feel more comfortable relying on sales trends.

Hope that helps clear things up.

By: Guest

Guest — Mon, 11 Jul 2011 19:53:52 +0000

I don't see the value in a discussion about "pending" sales. Most are short sales in process for more months than we can ever get over. Can someone explain?

By: Jonathan Miller

Jonathan Miller — Mon, 11 Jul 2011 15:55:56 +0000

Thx Lee – good catch. Too much time spent on numbers and not enough on grammar.

By: Lee

Lee — Mon, 11 Jul 2011 15:41:37 +0000

"neither other their reflect the Baltimore and Washington, D.C. metro areas." ?
Do you mean neither of them reflect the Baltimore and Washington, DC metro areas?