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 June 2014 MRIS housing data. Click here to view the full releases.
Median sales price falls for the first time in over two years; Sixth month of year-over-year decreases for closed sales
Buyer activity remained below year-ago levels in the Washington, DC Metro Area. Closed sales declined by 4.5 percent and have now been below their 2013-level every month this year. New pending contracts also fell from this time last year and have done so for seven consecutive months. While buyer activity is lower than last year, both closed sales and pending sales continue to outpace 2011 and 2012 levels. The median sales price decreased from the prior year for the first time since January 2012, possibly tempered by the slowing pace of sales. All property segments had a decline in median sales price, but only three of the jurisdictions did: the city of Alexandria, Montgomery County, and Washington, DC. But at $433,000, the median sales price for the region was higher than any month except June 2013 since July 2007.
The number of homes for sale continues to rise and active listings increased 33.6 percent from last year. The number of active listings reached its highest level in over two years but is only 42.7 percent of its 2007-peak. New listings increased 10.4 percent from last year, marking the fourth month in a row new listings have risen from the prior year.
Increases in closed sales and new pending sales
In June, the housing market in the Baltimore Metro Area improved relative to last year, with both buyer activity and seller activity above their year-ago levels. Closed sales and new pending sales increased by 2.8 percent and 3.2 percent, respectively. The increase in closed sales was driven by townhomes and single-family detached homes, while the increase in new pending sales was driven by single-family detached homes alone. The number of homes for sale continues to increase and active listings climbed 22.2 percent from last June. The number of active listings reached its highest level in over two years but is only 67.7 percent of its 2008-peak. New listings continue to increase, rising 19.8 percent from last year.
The median sales price increased 2.0 percent and reached its highest June-level since 2008. This increase was driven by single-family detached homes and condo properties. Within the region, four of the six jurisdictions had median sales price increases, led by a 5.0 percent increase in Carroll County.