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RBI October 2013 Market Update: Baltimore Contract Activity Increases, DC Metro Inventory Up for First Time in Two Years

November 11, 2013  |  by Corey

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 October 2013 MRIS housing data. Click here to view the full releases.

Baltimore Metro Overview

Increase in active listings for all property segments

OVERVIEW

Demand in the Baltimore Metro Region remained steady in October, with sales and pending contracts increasing 15.2 percent and 2.6 percent, respectively, from last October.  Total inventory increased from the prior year for the first time in over two years, with increases in all property segments.  Despite the rise, total inventory is still at historic lows and is only 58.6 percent of its 2008 peak level.  New listings increased 26.5 percent from last October and contributed to the increase in total inventory.  The median sale price increased by 3.6 percent from this time last year and was the 21st consecutive increase for this indicator.  Townhomes led the growth in closed sales, while condo properties led the growth in median sale price.

  Smaller units had strong growth in median sale price and closed sales, with units less than 800 square feet having a 7.8 percent increase in median sale price and a 78.6 percent increase in closed sales.  But they continue to be a small part of the market accounting for 2.2 percent of all sales.  The median-days-on market remains low, at 39 days.  While inventory remains low, the increase in active listings and new listings may temper the rate of growth for sale prices.

Click here to view PDF version of this release

DC Metro Overview

Median price increases for all jurisdictions in the region

Overview

Demand in the Washington DC Metro Region housing market continues to grow, with sales and pending contracts increasing 19.1 percent and 1.7 percent, respectively, from last October.  Total inventory increased from the prior year for the first time in over two years, driven by townhomes and condo properties.  Despite the uptick in active listings, total inventory is still at historic lows and is only 35.7 percent of its 2007 peak level.  New listings increased 19.2 percent from this time last year and contributed to the increase in total inventory.  The median sales price increased in all jurisdictions as compared to last October.  The regional median sales price also increased 4.8 percent from last year, which is a slower pace than earlier this year primarily as a result of a slower increase in the median sale price of single-family detached homes. 

Condo properties led the growth in all metrics, including new and active listings.  Smaller units had strong growth in median sales price and closed sales, with units less than 800 square feet having a 16.5 percent increase in median sales price and a 35.1 percent increase in closed sales.  But they continue to be a small part of the market, accounting for 7.9 percent of all sales.  The median-days-on-market for all homes is 16 days and continues to be historically low.  While inventory remains low, the increase in active listings and new listings may temper the rate of growth for sales prices.

Click here to view PDF version of this report

The bulk of this report’s content is readily available, down to the ZIP code level of granularity, via interactive charts and reports offered via rbiEXPERT, a premium subscription service offered to real estate professionals interested in growing their business with the help of industry-leading and user-friendly analytics. 

Posted in Blog, Featured, Market Statistics, RBI

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