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 March 2014 MRIS housing data. Click here to view the full releases.
Highest March-level median sales price in seven years; Inventory up 21 percent
The Washington DC Metro Area continued to see winter weather well into March. As in the previous months, the cold weather may have impacted buyer activity in the housing market. Both closed sales and new contract activity decreased from last March, declining 11.2 percent and 6.8 percent, respectively. While all property segments had a decline in closed sales, only single-family detached homes and townhomes had fewer new contracts than last year. Seller activity jumped compared to last year as both active listings and new listings had year-over-year increases. Active listings increased by 20.9 percent, with both condo properties and townhomes increasing by over 30 percent. New listings increased 3.9 percent and were driven by new listings for condo properties, which increased 18.6 percent. Even with the increases, inventory remains low and is just 29.4 percent of its peak-level.
The median sales price continues to climb, increasing 4.7 percent from last March, reaching the highest March-level in seven years. Buyer activity in the region has been subdued over these uncommonly harsh winter months, but is likely to return as spring arrives.
New listing activity increases for 12th month in a row; Prices essentially flat compared to last year
The Baltimore Metro Area continued to see winter weather well into March, but buyers and sellers in the region were less affected by it than earlier in the year. Both buyer and seller activity improved from last March and the number of closed sales, active listings and new listings increased from this time last year. Closed sales increased 4.6 percent, with gains seen in each property segment. The number of new contracts declined by 1.3 percent from March 2013, but remained higher than the March-level for the six preceding years.
Seller activity continues to climb and the number of active listings increased 10.7 percent from last year. New listings also increased from last year and have now done so for 12 consecutive months. Despite these increases, inventory remains tight and is only 52.8 percent of its peak-level. The median sales price for each property segment increased, but because of a modest shift in the property mix of sales, the region’s median sales price declined by 0.4 percent. The housing market in the Baltimore Metro Area has had improvement despite the uncommonly harsh winter and this improvement is likely to continue in to spring.