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 March 2016 MRIS housing data.
- March 2016’s median sales price of $399,000 was down a slight 0.3% (-$1,000) compared to last year, but up $19,000 (+5%) from last month.
- Sales volume across the DC Metro area was nearly $1.8 billion, up 1.9% from last March and up 32.3% from February.
- Closed sales in March of 3,755 were up 2.5% compared to last year, the 16th consecutive month of increases.
- The 6,165 new contracts increased by 11% compared to March 2015.
- New listings were up 20% year-over-year to 8,352, the highest March level since 2007.
- Active inventories rose 8.4% compared to March 2015 to 9,774. The increase in year-over-year inventory growth in March was the largest since October 2013.
- The average percent of original list price received at sale was 97.1% in March, the same as 2015.
- Half the homes sold in March were on market 27 days or less, up two days from last March, but down 17 days from last month.
- March’s regional median sales price of $399,000 was a slight 0.3% lower than last year, with single-family detached and condo prices down about 1% but townhome prices up 1.5%. This marks the fourth month in a row that overall prices have declined year-over-year.
- Prices are 4.6% above the 5-year average and 9.2% above the 10-year average.
- Regional pricing levels are now 28.7% above the March 2010 low of $310,000, and only 3.4% off the March 2007 peak of $413,000.
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.
The Baltimore Metro area median sales price of $237,350 was up $7,275 (+3.2%) from last year and up $12,350 (+5.5%) from last month.
- Sales volume across the Baltimore Metro area was nearly $760 million, up 13.5% from last year.
- Sales in March were up 11.2% year-over-year, the 20th consecutive month of increases.
- The 4,553 new pending sales broke the previous high of 4,387 set in April 2015, and was a 17.9% increase over last March.
- This is the best March since 2007 for new listings, and continues the trend of increases in new listings seen since April 2013 (except for the January 2016 weather-related decline).
- The number of active listings declined by 2.5%, the seventh month in a row of declining inventory growth. Inventory levels appear likely to continue to fall.
- The average percentage of original list price received at sale in March was 93.1%.
- The median days-on-market for March 2016 was 63 days, down three days from last year and last month.
- The regional median sales price for March 2016 of $237,350 is up 3.2% or $7,275 from last year and up $12,350 or 5.5% from last month. Year-over-year, townhome prices were up 13.6%, condo prices were up 10.6% and single-family detached prices were up 1.9%.
- March prices are 18.7% above the 2011 bottom, but 11.8% below the peak of 2007.
- Baltimore City saw the highest year-over-year appreciation at +22.8% but still remains the most affordable locale with a median sales price of $107,450.
- Howard County continues to be the most expensive area in the region, with a March median sales price of $373,000, a 2.2% increase over last year. Harford County was the only area where prices declined.
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.
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