Posted on April 01, 2013 by Corey Hart
Apr

01

2013

There have been dozens of reports discussing the recovery in home prices in the national market, but the uptick in pricing shouldn't be news to anyone living in the Northern Virginia and DC Metro area.  Here's a chart comparing the year-over-year median sale price in Northern Virginia vs. the year-over-year gain in national pricing, according to RBI's new partner CoreLogic:

Aside from a slight blip in spring 2010 due to the first-time homebuyer tax credit program, national prices began recovering in earnest in March 2012, whereas NoVa pricing has seen consistent year-over-year gains since July 2009.

Posted on March 11, 2013 by Corey Hart
Mar

11

2013

After several months of growth - sales, new contracts, and median prices flatten; Low inventory continues, active listings down 2,500 from last year

OVERVIEW

After several months of strong year-over-year growth, sales and new contracts in the Baltimore Metro Region have slowed, and are essentially unchanged from a year ago. While this could indicate softening demand, it is still too early to distinguish a pattern. At a more granular level, single-family homes brought down the growth rate for the market as a whole because they make up more than half of the region’s sales and new contract in any given month. Sales and new contracts on single-family homes dropped from this time last year, while condos and townhomes experienced growth or remained steady.

Posted on February 11, 2013 by Corey Hart
Feb

11

2013

Townhomes lead the way; Despite strong sales, prices are flat and decline in many areas

OVERVIEW

The supply of active listings in the Baltimore Metro Area housing market continues to shrink, and is at the lowest January-level in eight years.  However, the pattern appears to be changing slowly with new listings, which had the highest year-over-year gain since Spring 2011.  New listings are also up across all property segments, which has not occurred in over 2 years.  Even with the shifting pattern in new listings, the overall inventory still remains low.  There are a wide range of factors that could be keeping sellers from listing their properties.  Many could not have enough equity at current prices to “trade up” into a larger unit.  Others may have trouble finding a unit to begin with because the inventory is so low.  Economic uncertainty also remains a key issue on the table for many. 

Posted on February 07, 2013 by Corey Hart
Feb

07

2013

The real estate market in the DC Metro, Baltimore Metro, Northern Virginia and Greater DC area continued to strengthen in 2012.  We decided to take a closer look at the year-over-year trends for a variety of metrics and identify some Top Fives per region.  Most Expensive, Most Affordable, Biggest Price Increase, Biggest Increase in Sales, Shortest DOM, Longest DOM, and which ZIP codes had the lowest or highest sales to list price ratio per region. 

Of all ZIP codes analyzed, 22206 in Great Falls had the highest median sale price at $961,250. Baltimore's 21223 had the lowest median price at $18,000. 22205 in Arlington had the lowest Median DOM, where half the homes sold were on the market 10 days or less!

Posted on January 10, 2013 by Corey Hart
Jan

10

2013

Condos lead in sales, new contracts, and price gains

OVERVIEW

The Baltimore Metro housing market has experienced considerable improvement this past year.  Most indicators point to a healthier market going into 2013, and the trend continues in December with year-over-year growth in sales, new pending contracts, and the median sale price.  The most striking aspect of the 2012 market has been the diminishing supply of homes for sale.  Active listings continue to plunge, and have fallen below 10,000 for the first time since February 2006.  This pattern appears to be slowly changing, as new contracts have been hovering around the 2011 level for the past 5 months.  The condo market continues to see the most growth activity, and leads in year-over-year gains in sales, new contracts, and median sale price.  As we continue through the winter season, it is unlikely that a dramatic surge of new listings will enter the market.  This should keep upward pressure on prices as long as buyers remain active.  If the inventory becomes too low, many buyers might decide to wait it out until more options become available, which could bring prices down in the near term.

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