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RBI December Update: Buyer Activity Recovers in DC, Baltimore Continues to Improve

January 10, 2014  |  by Corey

The following market highlights for the Washington, D.C. Metro and Baltimore, MD Metro Area housing markets have been prepared by RealEstate Business Intelligence (RBI) and is based on December 2013 MRIS housing data. Click here to view the full releases.

DC Metro Overview

Buyer activity in December recovers from November slump; Cumulative 2013 sales up 9.3 from 2012 total

As 2013 comes to a close, the housing market in the Washington DC Metro Region has improved relative to last year.  For the 2013 calendar year, the total number of sales in the region increased 9.6 percent from the 2012 level and the median sale price increased by 9.6 percent.  All jurisdictions in the region had a higher median sales price in 2013 than in 2012.  In December, the region recovered from the slowdown that occurred in November due largely to the shutdown of the Federal Government.  Closed sales increased 9.7 percent from last December and 18.8 percent from last month.  The increase in closed sales from November does not follow typical seasonal patterns as the ten-year average month-over-month change is 5.7 percent.  The increases in closed sales as compared to both last year and last month indicate that the low level of sales in November was anomalous and not part of a larger trend.

Click here to view the PDF version of this report

For the third consecutive month, active listings increased from last year, with gains in all property segments except single-family detached homes.  Even with this increase, supply remains tight and is only 26.8 percent of its 2008 peak level.  New listings increased 4.1 percent from last year which is the ninth consecutive month of increases for this indicator.  The median sale price increased 9.0 percent as compared to December 2012, the 23rd consecutive month of year-over-year gains.  In the upcoming year, it’s possible that rising interest rates and inventory may flatten some of the price growth.

Baltimore Metro Overview

Cumulative 2013 sales up 14 percent over the 2012 total

As 2013 comes to a close, the housing market in the Baltimore Metro Region continues to improve.  For the 2013 calendar year, the total number of sales in the region increased 13.8 percent from those in 2012 and the median sales price increased by 4.3 percent.  All jurisdictions in the region had a higher median sales price in 2013 than in 2012.  In December, the region recovered from the slowdown that occurred in November due largely to the shutdown of the Federal Government.  Closed sales increased 11.3 percent from last December and 6.4 percent from last month.  This increase in closed sales from November does not follow typical seasonal patterns as this change is generally flat.  The increases in closed sales as compared to both last year and last month indicate that the low level of sales in November was anomalous and not part of a larger trend.

Click here to view PDF version of this report

For the third consecutive month, active listings increased from last year, with gains in all property segments.  Even with this increase, supply remains tight and is only 51.7 percent of its 2008 peak level.  New listings increased 14.3 percent from last year which is the ninth consecutive month of double-digit increases for this indicator.  The median sales price decreased 0.4 percent as compared to December 2012, possibly due to the increases in supply and interest rates and the residual impact of the Federal shutdown.  The upcoming year should see continued improvement in the Baltimore Metro Region housing market, but rising interest rates and inventory may flatten some of the growth.

 

The bulk of this report’s content is readily available, down to the ZIP code level of granularity, via interactive charts and reports offered via rbiEXPERT, a premium subscription service offered to real estate professionals interested in growing their business with the help of industry-leading and user-friendly analytics. 

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One response to “RBI December Update: Buyer Activity Recovers in DC, Baltimore Continues to Improve”

  1. David R says:

    check this: very likely that lower closed sales in November is a recurring theme (check previous years) and is usually due to low contract activity in September (a trend I have noticed for decades)

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