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RBI February 2016 Update: Contract Activity Picks up in DC Metro Area, Home Sales Up Over 20% in Baltimore Metro

March 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 February 2016 MRIS housing data.

DC Metro Overview

  • February 2016’s median sales price of $380,000 was $10,000 less than last year, a 2.6% decrease, but up $4,500 from last month’s median sales price.
  • Sales volume across the DC Metro area was $1.36 billion, up 10.5% from last February.
  • Sales in February showed strong 10.2% growth compared to last year.
  • The number of new contracts at the end of February increased by 11%, suggesting that January’s decline was indeed, weather-related.
  • New listings were up 5.1% from last February, resuming the growth pattern seen with almost no interruption since April 2013.  January’s decline in new listings also appears to have been strictly weather-related.
  • Last month’s rise in inventories of 1.4% is the smallest increase since October 2013, and active listing growth is poised to turn negative soon.
  • The average percent of original list price received at sale was 96.7% in February, the same 2015.
  • Half the homes sold in February were on market 44 days or less, up two day from last February’s median DOM.  This is the third year in a row that DOM have risen in February.

Click here to view PDF version of this report

 

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

The Baltimore Metro area median sales price of $225,000 was up $5,000 from last month and unchanged year-over-year.  Townhome prices rose, while single-family and condos fell slightly.

  • Sales volume across the Baltimore Metro area was more than $567 million, up 21% from last year.
  • Sales in February were up almost 21% year-over-year, the 15th month of double-digit increases.
  • The number of new pending contracts set a February record high at 3,523.  January’s decline in the number of new pending contracts was clearly weather-related.
  • This is the best February since 2008 for new listings, and continues the trend of increases in new listings seen since April 2013 (except for January’s weather-related decline).
  • The number of active listings declined by 5.7%, the sixth month in a row of declining inventory growth and biggest decline since August 2013.  Inventory levels are likely to continue to fall.
  • The average percentage of original list price received at sale was 92% at the end of February.
  • Median days on market for February 2016 was 66 days, down one day from last year.  All jurisdictions either had decreases in or unchanged DOM except for Baltimore City.

Click here to view PDF version of this report

 


 

 

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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