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RBI September Market Update: Y/Y Gains in DC Metro and Sales Outpace Previous Year in Baltimore Metro

October 10, 2012  |  by Corey

The following analysis of the Baltimore, MD and Washington, D.C. Metro Area housing markets have been prepared by RealEstate Business Intelligence (RBI), and is based on September 2012 MRIS housing data. Click here to view the full releases.

Baltimore Metro: Sales and contracts are below average pace, but remain higher than the last few years. Prices relatively stable despite slowed market activity, low inventory playing a role.

September Sales and Contract Activity Outpace Previous Year’s Levels in Baltimore Metro

OVERVIEW

Sales activity has slowed in the Baltimore Metro Area housing market as we end September. All property segments posted lower than average sales for the month, which could be an early sign that demand has weakened. New contract activity is also down relative to the 10-year September average. Despite the slower growth, sales activity, new contracts, and median sales price are all above their September 2011 levels, and in many cases are at multi-year September highs, which indicates a stronger market overall relative to the past few years. The inventory of active listings continues to shrink, which will likely keep prices stable, even as demand slows. Persistent declines in the number of homes for sale despite a strengthening housing market underscore the significance of continued economic uncertainty. Tepid job growth and slow improvement of the unemployment picture are likely deterring many would be sellers from entering the market. Townhomes continue to lead all property segments in terms of year-over-year median sales price gains, while condos have led in year-over-year sales growth. New contracts in the single-family detached market have picked up, posting the highest September total in seven years.

 

DC Metro Area: Persistent declines in active and new listings continue; Low inventory keeping prices above the 10-year average despite cooling demand.

September Marks the 8th Consecutive Month of Year-Over-Year Price Gains in DC Metro

OVERVIEW

Activity has cooled in the Washington DC metro housing market as we end September, following typical seasonal market patterns. Closed sales, new pending contracts, and median prices all declined from August, however these indicators remain above September 2011 levels, and in many cases are at multi-year September highs, providing evidence of a stronger market. The median price is the highest September median price in five years, and the number of new contracts in September is the highest in three years. The inventory of active and new listings continues to shrink, which will likely keep prices stable, even as demand slows. Persistent declines in the number of homes for sale despite a strengthening housing market underscore the significance of continued economic uncertainty. Tepid job growth and slow improvement of the unemployment picture are likely deterring many would-be sellers from entering the market. While the condo market growth has slowed somewhat, townhomes have inched ahead in year-over-year sales growth and median price gains.

Posted in Blog, Featured, Market Statistics, RBI

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  1. […] RBI September Market Update: Y/Y Gains in DC Metro and Sales Outpace Previous Year in Baltimore Metr… The following analysis of the Baltimore, MD and Washington, D.C. Metro Area housing markets have been prepared by RealEstate Business Intelligence (RBI), and is based… […]

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