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 June 2013 MRIS housing data. Click here to view the full releases.
Growth trend for new listings continues, good news for buyers; Lowest median days-on-market since the end of 2005, sellers take notice
The Baltimore Metro Region housing market continues to show signs of strength relative to last year, and some indicators are at multi-year highs. Sales and new pending contracts rose at double-digit rates for the third month in a row, and the median sales price is nearing its pre-recession level. The number of active listings in the market continues to fall, and remains at an 8-year low. New listings on the other hand are trending upward, growing at a double-digit rate for the third consecutive month. The condo market has rebounded considerably from last year, and led all property segments in terms of growth rate for several indicators including sales, new contacts, and new listings.
The median days-on-market for the region is the lowest it has been for any month since December 2005. This indicator is an important measure of buyer behavior, and can be a big factor for sellers deciding to list their properties. The conditions appear ripe for continued growth in the region’s housing market, as the rise in new listings will help meet some of the pent up buyer demand. Sellers are starting to notice the higher price-points compared to the past several years, which is also fueling this growth.
Townhome median price sets new record; Double-digit growth for new listings for the third straight month
Several key market indicators continue to trend upward in the Washington DC Metro Area. Sales and new contracts had double-digit growth in June and are now at multi-year highs. The inventory shortage also continues to shift for the region. While the number of active listings remains historically low, new listings are surging, rising at a double-digit rate relative to last year for the third consecutive month. Many of these new listings are likely being purchased the same month they are listed, as the median days-on-market remains at its housing-boom level of nine days. This strong demand is pushing up the median sale price. The Washington DC Metro Area tied the record high for median sales price in June.
The District of Columbia eclipsed last month’s record high by $39,000. Demand for smaller units in the market continue to drive much of the overall sales growth as evidenced by consistently strong gains in condo and townhome sales. The demand for townhomes has been particularly strong. Townhomes led all property segments in sales and median price growth. The median sales price for townhomes in the region is at an all-time high, and the number of active townhome listings is at an all-time low. The conditions appear ripe for continued growth in the region’s housing market, as the rise in new listings will help meet some of the pent up buyer demand. Sellers are noticing the higher price-points compared to the past several years, which is also fueling this growth.