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 November 2013 MRIS housing data. Click here to view the full releases.
October's shutdown resulted in a sluggish November
Closed sales in the Washington DC Metro Region housing market stalled in November, likely due to the uncertainty caused by the shutdown of the federal government in October. Closed sales decreased 13.7 percent from this time last year. This is the first decline since March of last year and the largest decline in over two years. Sales decreased 21.2 percent from last month, which is nearly five times the 10-year average October to November change. Even with the decline in closed sales, the median sales price increased 8.1 percent from last year and median prices increased in every jurisdiction except Arlington County. New pending contracts increased 3.3 percent from last November, but new pending contracts decreased both in Fairfax County (-1.5 percent) and Prince George’s County (-5.8 percent).
Seller activity continues to increase as prices rise. For the second consecutive month, active listings increased from last year, driven by townhomes and condo properties. Even with this increase, supply remains tight and is only 31.9 percent of its 2007 peak level. New listings increased 13.7 percent from last year, but declined from last month in line with seasonal patterns. Homes continue to sell quickly and the median-days-on-market for all homes is 20 days. Despite the resolution of the Federal shutdown, some uncertainty remains due to sequestration and federal cut-backs. Some buyers directly affected by the shutdown may have delayed their decision to purchase and add to demand in upcoming months.
Increase in active listings for all property segments
Buyer activity in the Baltimore Metro Region housing market was flat in November. The typical winter slow-down in the region’s housing market was intensified somewhat by the shutdown of the federal government. Closed sales increased 0.8 percent from this time last year, which is the slowest growth rate this year. Sales decreased 10.2 percent from last month, which is nearly three times the 10-year average October to November change.
New pending contracts were stronger than closed sales and increased 7.3 percent from last November. Seller activity continues to improve as prices rise. For the second consecutive month, active listings increased from last year, with gains in all property segments. Even with this increase, supply remains tight and is only 56.4 percent of its 2008 peak level. New listings increased 22.4 percent from last year, but declined from last month in line with seasonal patterns. The median sales price increase 4.1 percent from last year, continuing its steady rise. Homes continue to sell quickly and the median-days-on-market for all homes is 38 days. Despite the resolution of the Federal shutdown, buyer activity in the upcoming months may remain subdued in line with seasonal patterns and exacerbated by uncertainty surrounding rising inventories and interest rates.