Year-over-Year Gains in Closed Sales and New Contracts

The following analysis of the Baltimore Metro Area housing market has been prepared by RealEstate Business Intelligence (RBI), and is based on the March 2012 RBI Pending Home Sales Index™ released today.

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OVERVIEW

The Baltimore Metro Area housing market continued to show signs of improvement in March, with a second consecutive month of year-over-year gains in median sale price and the level of new foreclosures listed less than half the level of one year ago. Townhome properties saw the largest year-over-year increase in pricing, while detached properties and condo/co-ops experienced more modest increases in median sale price. The $210,000 median sale price for the first quarter was 2.4% higher than Q1 2011. There is solid balance between supply and demand to end the month, with 6.6 months supply of inventory.

Foreclosures continue to decline, short sale market share up

Rockville, MD –(February 10, 2012) – The following analysis of the Baltimore Metro Area housing market has been prepared by RealEstate Business Intelligence (RBI), and is based on the January 2012 RBI Pending Home Sales Index™ released today.

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OVERVIEW

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.