A six-year decline in resale listings was reversed in 2013. While 2012 was the slowest year for resale listings in over a decade, listings climbed in 2013—by quite a lot.
Last year the MRIS database recorded a 9 percent increase in home listings in the DC metro area, and a full 14 percent in the Baltimore metro area.
Obviously, many property owners looked around and realized 2013 was a good year to sell. And it was—although rising mortgage interest rates began to have an effect later in the year, the median sales price climbed 9.6 percent in the DC metro area and 4.3 percent in the Baltimore area compared to 2012.
The experience of individual jurisdictions varied, as you would expect. Listings stayed flat in Prince George’s County, after falling further in 2012 than any jurisdiction in Maryland or Virginia—18 percent.
Meanwhile, last year’s listings rose dramatically in three counties north of DC: Frederick County was up 26 percent, Baltimore County 24 percent, and Howard rose 24 percent.
The number of homes listed declined during the last two months of 2013, as we see every year. But you can see in the bottom chart that listings were a little higher than normal in the latter half of 2013. Of all the resale homes listed for sale last year, 46 percent were listed in the last six months—compared to 43 percent during the last half of 2012 and 2011.
That may not seem like a big difference, but I think it does reflect the urgency many felt to sell as interest rates climbed last year.
—Chris Sicks has written about the local real estate market for the past 20 years. Contact him by e-mail firstname.lastname@example.org
You can be an expert in your local market, too. For a limited time, sign up for rbiEXPERT Annual for only $168/year, which works out to only $14 a month! Use promo code GETSMART to take advantage of this special offer. Click here to learn more about rbiEXPERT.