The RBI Pending Home Sales Index for Washington, D.C. Metro and Baltimore Metro are now available!
Inventory levels continue to shrink in the Washington, D.C. Metro Area compared to years past, with only 10,095 active listings representing the lowest January level since 2005. Against this backdrop of reduced inventory, the number of contracts signed in January still managed to outpace the five-year January average by a sizable 22.0%. Foreclosed inventory is down sharply year-over-year with 67.2% fewer foreclosed properties for sale at month’s end compared to January 2011. The average sold price per square foot for foreclosed properties in January was less than half the $289 price per square foot level for traditional sales.
Baltimore Metro Area listing inventory ended January at the lowest level since April 2006, yet new contract activity was 2.5% higher than January 2011. Pricing continued along a stable course with a nominal year-over-year decline but the median sold price for townhouses showed a surprising year-over-year spike of 22.6%. The market share of foreclosed listings in both sales and inventory continued the previous month’s trend of sharp year-over-year declines. New listing activity continued to decline compared to the same period last year, though there were 16.9% more short sales added in January compared to January 2011.