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 March 2013 MRIS housing data. Click here to view the full releases.
Double-digit sales growth for condos and townhomes; single-family home sales drop; Low inventory continues to push up prices, DC posts highest median price on record
Signs of spring are in the air, and the DC Metro housing market continues to pick up steam. Sales and median prices are up from this time last year, and days-on-market is at its lowest level in over seven years. The low inventory of homes for sale continues to play a major role in the market. Active listings have dropped by nearly 20,000 since their fall 2007 peak, and the proportion of townhome listings is now the lowest on record. Interestingly the trend of rising sales and declining new contracts has continued in the region.
This could reflect that fewer contracts are failing to settle, which may be a direct result of fewer bank-mediated properties in the market. Median sales price growth remains strong through most of the region, and the median price for the District of Columbia is the highest on record. Despite the rising prices, sellers remain cautious as evidenced by the drop in new listings. Lingering economic uncertainty likely remains an issue for many, and the low inventory of available properties could be deterring many would-be sellers from moving.
Modest growth in sales and new contracts for the region relative to last year
Sales and new contract growth have resumed in the Baltimore Metro Region housing market after a slow start to the year. The growth however remains much slower than the previous year, possibly highlighting lingering uncertainty in the market. Condos continue to lead in sales, new contracts, and median price growth for the second straight month, while market indicators for single-family detached homes remain sluggish. The inventory of homes for sale in the Baltimore region is at an eight-year low, and new listings continue to fall after six months of stability, further evidence of uncertainty for many would-be sellers. Despite the relatively slow sales growth, the low supply of inventory continues to put upward pressure on prices around the region. All jurisdictions in the Baltimore Metro region posted median sales price growth, with the strongest growth occurring in Baltimore City and Harford County.