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RBI September Market Update: Double Digit Growth in New Listings for Sixth Straight Month

October 10, 2013  |  by Corey

Hot off the press! 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 September 2013 MRIS housing data. Click here to view the full releases.

DC Metro Overview

Median price increases for all jurisdictions in the region, Double-digit growth for new listings for the sixth straight month

Activity in the Washington DC Metro Region continues to be steady and strong as we enter fall. Sales increased in September as compared to this time last year. Pending contracts also increased, but at a slower rate than earlier this year. The increase in pending contracts was driven by condos and detached homes. Total inventory continues to decline, but as in prior months, the pace of the decline is slowing.

Both townhomes and condos had year-over-year increases in active listings, but were offset by the decline in detached home listings. Median sales prices reached their highest September-level in six years likely as a result of strong demand and tight supply. Condo properties led the growth in closed sales while detached homes had the highest increase in median sales price.

Favorable market conditions continue to cause new sellers to enter the market, resulting in a 16.5 percent increase in listings from this time last year. This is the sixth consecutive double-digit increase for this indicator. Homes are selling quickly; the median-days-on-market was 17 days in September, which is the lowest September-level since the peak of the housing boom in 2005. Federal uncertainty may play a stronger role over the coming months as the impact of the Federal Shutdown and debt ceiling are felt.

Highlights

  • At $387,000, the median sales price in the Washington DC Metro Area is 7.5 percent higher than this time last year
  • For only the third time this year, all jurisdictions in the region had year-over-year price increases.
  • September was the sixth consecutive month of sales growth for the region, with 12.1% more sales than September 2012.
    • Condos had the strongest sales growth of the property segments, increasing 19.2 percent from this time last year.
    • “Strong demand has driven overall home prices up significantly over the past five years in the region,” Jonathan Hill, President of RealEstate Business Intelligence, said of this surge in condo sales. “The lower price-points and smaller unit size of condos may be attractive to first time homebuyers and investors, contributing to the strong gains in this segment.”
  • There were 4,260 new contracts signed in September, 1.5 percent more than this time last year. This is the highest September total in eight years.
  • The 9,340 active listings at month’s end are only 1.8% fewer than at the same point last year.
  • Active inventory has actually grown in 4 of the 8 jurisdictions, led by an 11.1% gain in Alexandria City
    • Fairfax and Montgomery, the counties with the highest sales volume in the region, both had annual inventory growth, up 4.7 percent and 4.8 percent, respectively.
    • Prince George’s County continues to experience the sharpest decline in inventory with 15.1 percent fewer active listings as compared to this time last year.
  • New listings increased by 16.5 percent from this time last year, for a total of 5,967 new listings in September.  This is the sixth consecutive month of double-digit growth for this indicator and the highest September-level of new listings since 2010.
  • The median-days-on-market remains historically low at 17 days and is the lowest September-level in eight years.

Click here to view PDF version of this report

Baltimore Metro Overview

Decline in active listings mildest in over two years, Double-digit growth for new listings for the sixth straight month

Activity in the Baltimore Region continues to be steady and strong as we enter fall. Sales and pending contracts increased in September as compared to this time last year. Inventory continues to decline, but as in prior months, the pace of the decline is slowing. Median sales prices reached their highest September-level in five years, likely as a result of strong demand and tight supply. Condo and townhome properties led the growth in both closed sales and median prices. There was a 21.9 percent increase in new listings from this time last year.

“Favorable market conditions continue to cause new sellers to enter the market,” said Jonathan Hill, President of RealEstate Business Intelligence. “This is the sixth consecutive month with double-digit percent increases in new listing activity compared to 2012.”

Homes are selling quickly; the median days-on-market was 35 days in September, which is the lowest September-level since the peak of the housing boom in 2005. Federal uncertainty may play a stronger role over the coming months as the impact of the Federal Shutdown and debt ceiling are felt.

Highlights

  • There were 11,609 active listings at the end of September, a decrease of 312 listings from this time last year.  This is the lowest September-level of active listings the region has seen since 2005.
    • Increases in new listings over the past several months are contributing to the slower decline. There was a 21.9% increase in new listings over September 2012.  
  • There were 2,408 sales in the Baltimore Metro Region in September, which is 17.2 percent more than this time last year.  This is the sixth consecutive double-digit year-over-year gain for sales.
  • There were 2,653 new contracts signed in September, an increase of 9.6 percent, or 232 contracts, from this time last year.
  • At $245,000, the median sales price in the Baltimore Metro Region is 4.3 percent higher than this time last year.  This is the highest September-level median sales price in the region has seen since 2008.
    • Among the jurisdictions in the region, Carroll County had the highest growth rate, increasing 19.1 percent from last September.
    • The year-to-date median sales price in the region is $242,500, 5.0% higher than the same period last year.
  • At 35 days, the median days-on-market is the lowest September-level in eight years.

Click here to view PDF version of this report

Baltimore Key Metrics Sep 2013

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. 

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