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RBI April 2016 Update: Median sales prices were the highest since 2008 and 2006 for both DC and Baltimore

May 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 April 2016 MRIS housing data.

DC Metro Overview

  • April 2016’s median sales price of $419,250 was the highest April level in a decade and was up $2,250 (+0.5%) compared to last year, and up $20,250 (+5.1%) from last month.
  • Sales volume across the DC Metro area was nearly $2.4 billion, up 11.4% from last April and up 31.8% from last month.
  • April closed sales of 4,678 were up 9.6% compared to last year and were at a new decade high for the month.  This is the 17th consecutive month of year-over-year increases in closed sales.
  • New contracts increased by 7.2% to 6,647, an all-time high for the decade.  With the exception of the weather-related interruption in January 2016, new contracts have shown year-over-year increases since November 2014.
  • New listings were up 1.1% year-over-year to 8,809, the highest April level since 2010.
  • Active inventories rose 2.3% compared to April 2015 to 11,113.  Active inventories have been increasing year-over-year since October 2013.
  • The average percent of original list price received at sale in April was 98.0%.
  • Half the homes sold in April were on market 14 days or less, the same as last year, but down 13 days from last month.

 

  • April’s regional median sales price rose to $419,250, a slight 0.5% over last year’s $417,000.  Single-family detached prices rose 0.8% to $524,000, townhome prices rose 1.2% to $410,000, but condo prices were down 0.8% to $302,500.  This is the first time in six months that year-over-year prices increased.
  • Prices are 3.8% above the 5-year average of $404,050 and 9.4% above the 10-year average of $383,125.
  • The regional price of $419,250 set a new 10-year peak for April prices and is 26.3% above the April 2009 low of $332,000.
  • Falls Church City remains the most expensive location in the region with an April median sales price of $707,460, (down 9.3% from last year) while Prince George’s County continues to be the most affordable area in the region with an April median sales price of $242,500, (up 9.2% from last April).

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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

Home sales up 14.5%, to highest April level in a decade; Prices up 5.7% to $243,000; Inventories decline for eighth consecutive month

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OVERVIEW

  • The Baltimore Metro area median sales price of $243,000 was up $13,000 (+5.7%) from last year and up $5,650 (+2.4%) from last month.  This is the highest April sales price since 2008.
  • Sales volume across the Baltimore Metro area was nearly $900 million, up 19.9% from last year.
  • Sales in April were up 14.5% year-over-year to 3,201, the 21st consecutive month of increases and the highest April in at least a decade.
  • The 4,853 new pending sales broke the previous April high of 4,387 set in 2015 by 10.6% and was the highest monthly new pending sales in a decade.
  • With 6,283 new listings, this is the best April since 2007 for new listings, and also the highest monthly level of new listings since June 2007.
  • The number of active listings declined by 5.8% to 11,925, the eighth month in a row of declining inventory growth and the fourth month in a row that all property types showed declines in inventory levels.
  • The average percentage of original list price received at sale in April was 94.6%.
  • The median days-on-market for April 2016 was 41 days, down seven days from last year.

 


 

  • The regional median sales price for April 2016 of $243,000 is up 5.7% or $13,000 from last year and up $5,650 or 2.4% from last month.
  • Year-over-year, townhome prices were up 17% to $184,900, condo prices were up 5.1% to $205,000 and single-family detached prices were unchanged at $300,000.
  • April prices are 13% above the 2011 bottom of $215,000, but 11.6% below the peak of $275,000 seen in 2007.
  • Baltimore City saw the highest year-over-year appreciation at +31.4% but still remains the most affordable locale with a median sales price of $135,000.
  • Howard County continues to be the most expensive area in the region, with an April median sales price of $395,000, a 1.3% increase over last year.  Carroll County was the only area where prices declined, by .02% to $286,250.

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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