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RBI April Market Update: DC Prices Up 7.4%, Baltimore Sees Double-Digit Growth in Sales, New Contracts

May 10, 2013  |  by Corey

The following analysis of the Baltimore, MD and Washington, D.C. Metro Area housing markets has been prepared by RealEstate Business Intelligence (RBI) and GMU Center for Regional Analysis, and is based on April 2013 MRIS housing data. Click here to view the full releases.

DC Metro Prices Up 7.4%, DC and Arlington at Record Highs

Lowest days-on-market in 8 years; Active listings remain low, however new listings spike for the 1st time in 2 years

OVERVIEW

Market indicators point to a healthy spring market in the Washington DC Metro Region.  Sales and median prices continue to rise, and new contract activity is up after several months of declines.  The low inventory of homes for sale coupled with strong demand on the buyer side is fueling much of the market growth. While active listings remain historically low, new listings spiked in April, possibly an early sign of a changing pattern.  The rise in new listings could indicate that sellers are starting to be drawn into the market by higher price points and faster sale times. 

The median days-on-market for the region is now 11 days, the lowest of any month since the peak of the housing boom in 2005.  Similarly, the average sale-to-list price ratio now stands at 98.2 percent for the region, the highest it has been for any month since April 2006.  The condo market led all property segments in sales and new contract growth.  Once again, the District of Columbia posted its highest median sale price on record at $470,000, outpacing the previous record from last month by $10,000.

Click here to view PDF version of this report

Baltimore Metro Sees Double-Digit Growth in Sales, New Contracts in April

Prices remain flat; Active listings remain historically low, but new listings rise sharply

OVERVIEW

After a slow start to the year, demand continues on an upward trend in the Baltimore Metro Area housing market.  Sales and new pending contracts both rose at double-digit rates relative to last year, evidence of improved confidence among buyers.   Despite the demand pressures, the median price remained flat in the region, rising only $500 from last year.  There were increases in median price at the jurisdiction level, however many were slower than in recent months. 

The inventory of homes for sale remains historically low, and continues to impact all property segments.  New listings on the other hand rose sharply in April, possibly an early sign of a changing pattern.  The rise in new listings could indicate that sellers are starting to be drawn into the market by higher price points and faster sale times.  The median days-on-market for the region is now 36 days, the lowest of any month since the summer of 2006.  Similarly, the average sale-to-list price ratio now stands at 93.9 percent for the region, the highest it has been for any month in five years.

Click here to view a PDF version of this report

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