RBI Released November 2010 Housing Market Stats Today
The monthly housing data released by RBI today shows an encouraging pattern of stability in home pricing while a downward trend is emerging in sales activity. The median price of a home in the Baltimore Washington metro area has remained constant over the last three months indicating overall strength in the regional housing market. And while housing is hyper-local, and each area is seeing its own fluctuation, I’m still seeing this as a region-wide trend.
In reviewing this new data, I am seeing a couple interesting data points for the region:
- Sales experienced a seasonal decline of 1.9% from 7,059 sales in October 2010 — well below the 15.7% seasonal average month over month decline of the past five years. This an encouraging pattern of stability.
- Baltimore Washington metro area November median sales price remained flat at $265,000, unchanged from October 2010 and 4.7% higher than $253,000 in November 2009. Graph of Median Sold Price through November 2010.
- Days on the Market (DOM) expanded by 4 days to 91 days last month as the listing discount decreased amidst a 2.8% decline in active listing inventory and an 18% drop in new listings.
In addition to region-wide trends, here is what local communities are seeing:
- Washington, DC: Median prices are up from last year to $427,750 and average DOM is down from 72 to 60.
- Howard County, MD: Median prices are up from last year to $350,000 and average DOM is down from 90 to 85.
- Saint Mary’s County, MD: Median prices are up from last year to $276,912.50 and average DOM is down from 131 to 120.
- Arlington County, VA: Median prices are up from last year to half a million but average DOM is up to 70 from 53.
- Fairfax County, VA: Median prices are up from last year to $375,000 but average DOM is up to 62 from 48.
- Loudoun County, VA: Median prices are up from last year to $367,950 but average DOM is up to 63 from 47.
For a full report on all jurisdictions in the MRIS region, check out www.rbintel.com/statistics.