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 November 2016 MRIS housing data.
DC Metro Overview
- November 2016’s median sales price of $407,000 was up $2,000 or 0.5% compared to last year. This is the highest November median sales price since 2005.
- Sales volume across the DC Metro area was nearly $2 billion, up 14.4% from last November.
- Closed sales of 3,899 were up 16.5% compared to last year, the highest November since 2009.
- New contracts decreased by 0.7% to 4,157, just slightly below last November’s record 4,186.
- New listings of 4,264 increased 7.1% year-over-year, up for the first time in five months.
- Active listings of 9,147 are down 14.4% compared to last year and down 12.0% compared to last month. This is the seventh consecutive month of declines in year-over-year inventory levels.
- The average percent of original list price received at sale in November was 97.2%, up from last year’s 96.9% but down from last month’s 97.4%.
- The median days-on-market for November 2016 was 23 days, two days lower than last year.
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 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 based on MRIS listing activity and analyzed by ShowingTime RealEstate Business Intelligence.
Baltimore Metro Overview
- The Baltimore Metro area median sales price of $240,000 was up 4.3% or $10,000 from last year and at the highest November level since 2007.
- Sales volume across the Baltimore Metro area was up 26.8% from last year to $814 million.
- This was the highest level of November sales in a decade. November closed sales of 2,863 were up 20.6% compared to last year.
- The 3,316 new pending contracts recorded in November were up 10.6% compared to last year. This was, by far, the best November level of new contracts in the last decade.
- The number of new listings dropped 4.0% to 3,515 compared to last year.
- The number of active listings declined by 16.4% to 10,913, the 15th consecutive month of declining year-over-year inventory levels.
- The average percentage of original list price received at sale in November was 94.4%, the highest November level in a decade.
- The median days-on-market was 40 days, down from 48 days last year, second best in a decade.
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