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 May 2016 MRIS housing data.
- May 2016’s median sales price of $430,000 was down 1.1% or $5,000 compared to last year, but was up $10,750 or 2.6% compared to last month.
- Sales volume across the DC Metro area was more than $2.8 billion, up 11.4% from last May and up 19.3% from last month.
- May closed sales of 5,432 were up 12.3% compared to last year and were at a new decade high for the month. This is the 18th consecutive month of year-over-year increases in closed sales.
- New contracts increased by 3.7% to 6,385, a new May record.
- New listings of 7,436 were down 10.1% year-over-year and down 15.6% compared to last month.
- Active inventories of 11,072 listings were down 8.5% from last year and down 0.4% from last month. This marks the first time since September 2013 that Y-O-Y inventories declined.
- The average percent of original list price received at sale in May was 98.3%, up from last year’s 98.1%.
- The median days-on-market for May 2016 was 13 days, up one day from last year, and down one day from last month.
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 $262,000 was up 4.8% or $12,000 from last year and up 7.8% or $19,000 from last month, recording the highest May sales price since 2008.
- Sales volume across the Baltimore Metro area was more than $1.1 billion, up 19% from last year and up 24.9% from last month.
- May closed sales of 3,715 were up 15.1% year-over-year, the 22nd consecutive month of increases and the highest May in a decade.
- There were 4,605 new pending contracts at the end of May, exceeding last year’s 4,313 by 6.8%, and making this the highest level of May new pending sales in a decade.
- The number of new listings compared to last year dropped by 5.0% to 5,757.
- The number of active listings declined by 10.4% to 12,196, the ninth month in a row of declining inventory growth. The inventory decline was the largest since June 2013.
- The average percentage of original list price received at sale in May was 95.5%.
- The median days-on-market for May 2016 was 26 days, down from 32 last year, and tied for the best May in a decade.
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