Baltimore Metro home prices were up 4.3 percent in 2013

Posted on January 09, 2014 by Corey Hart
09

Jan

2014

Cumulative 2013 sales up 14 percent over the 2012 total

OVERVIEW

As 2013 comes to a close, the housing market in the Baltimore Metro Region continues to improve.  For the 2013 calendar year, the total number of sales in the region increased 13.8 percent from those in 2012 and the median sales price increased by 4.3 percent.  All jurisdictions in the region had a higher median sales price in 2013 than in 2012.  In December, the region recovered from the slowdown that occurred in November due largely to the shutdown of the Federal Government.  Closed sales increased 11.3 percent from last December and 6.4 percent from last month.  This increase in closed sales from November does not follow typical seasonal patterns as this change is generally flat.  The increases in closed sales as compared to both last year and last month indicate that the low level of sales in November was anomalous and not part of a larger trend. 

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For the third consecutive month, active listings increased from last year, with gains in all property segments.  Even with this increase, supply remains tight and is only 51.7 percent of its 2008 peak level.  New listings increased 14.3 percent from last year which is the ninth consecutive month of double-digit increases for this indicator.  The median sales price decreased 0.4 percent as compared to December 2012, possibly due to the increases in supply and interest rates and the residual impact of the Federal shutdown.  The upcoming year should see continued improvement in the Baltimore Metro Region housing market, but rising interest rates and inventory may flatten some of the growth. 

CLOSED SALES

Double-digit increase in closed sales from last year; townhomes lead in sales growth.  The number of closed sales in the Baltimore Metro Region increased 11.3 percent from last December for a total of 2,164 sales.  This is the highest December-level for sales since 2006.  As compared to last month, the number of sales increased 6.4 percent, which is significantly higher than the 10-year average November to December change of -0.8 percent.  The number of closed sales increased as compared to last year for all property segments. Townhomes had the sharpest increase, rising 19.8 percent from December 2012.  Sales of single-family detached homes increased 7.4 percent from last year, while those for condo properties increased 4.7 percent.

PRICES

Mild decrease in median sales price from last December driven by townhomes.  At $234,075, the median sales price in the Baltimore Metro Region is 0.4 percent lower than this time last year, a decrease of $925.  This is the first decrease for this indicator in nearly two years.  Townhomes were the only property segment to have a lower median sales price than this time last year, decreasing 6.8 percent or $12,000.  Single-family detached homes had the highest growth rate of all property segments increasing 6.6 percent from December 2012 for a gain of $19,225.  The median price of condo properties increased 3.0 percent from last December for a gain of $5,450.

The median sales price in Anne Arundel County had the highest growth rate of the jurisdictions in the region, increasing 10.3 percent from last December.  For the region as a whole, the median sales price in the 2013 calendar year increased to $240,000 from $230,000 for a 4.3 percent gain from last year.  All jurisdictions in the region had a higher median sales price in the 2013 calendar year as compared to 2012.  Among the jurisdictions, Carroll County had the highest growth in this annual median sales price, increasing 6.1 percent from 2012.

NEW CONTRACTS

Small decline in new contracts as compared last year driven by condos and single-family homes.  There were 1,836 new contracts signed in December, a decrease of 1.0 percent, or 19 contracts, from December 2012.  New contracts decreased 22.7 percent from last month, which is a sharper decrease than the ten-year average November to December change of -15.7 percent.  Townhomes were the only property segment to have more new contracts than last year, increasing 0.6 percent, or by 4 contracts, from a year ago.  New contracts for single-family detached homes decreased 1.5 percent, while those for condo properties decreased 4.3 percent from a year ago.

INVENTORY

Third consecutive month of year-over-year increases in active listings.  Active listings in the Baltimore Metro Region increased 8.0 percent from this time last year to 10,448 listings at the end of December.  This is an increase of 774 listings, and the third month of increases for this indicator.  Despite this increase, active listings are 48.3 percent lower than their July 2008 peak.  Active listings for condo properties had the sharpest increase, rising 11.3 percent from last December.  Active listings for single-family detached homes increased 8.6 percent.  Active listings for townhomes increased 6.1 percent, or by 199 listings.  Gains in new listings have contributed to the increase in active listings.  There were 2,078 new listings in December, which is an increase of 14.3 percent from last year.  This is the ninth consecutive month of double-digit growth for this indicator, evidence that sellers are becoming more confident in the market.  Single-family detached homes led all property segments in new listing growth, rising 17.8 percent from last December.  New listings of townhomes increased 11.0 percent and those for condo properties increased 9.8 percent from this time last year.  At 49 days, the median days-on-market is one day lower than last year and the lowest December-level in eight years. Following typical seasonal patterns, this is well above the median DOM for the calendar year.  At 36 days, the median DOM in 2013 was 17 days lower than the 53-day level in 2012. 

 

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About the RBI Metro Housing Market Update

The Baltimore Metro Area Housing Market Update provides unique insights into the state of the current housing market by measuring the number of new pending sales, trends by home characteristics, and key indicators through the most recent month compiled directly from MRIS Multiple Listing Service (MLS) data in RBI’s proprietary database. The bulk of this report’s content is readily available, down to the ZIP code level of granularity, via interactive charts and reports offered via rbiEXPERT, a premium subscription service offered to real estate professionals interested in growing their business with the help of industry-leading and user-friendly analytics. The Baltimore Metro Area housing market includes the City of Baltimore, Anne Arundel County, Baltimore County, Carroll County, Harford County and Howard County in Maryland.

About the Center for Regional Analysis at George Mason University

The Center for Regional Analysis conducts research and analytical studies on economic, fiscal, demographic, housing, and social and policy issues related to the current and future growth of the Virginia, Maryland, and DC areas. Through its range of research and programs — major economic impact studies, economic forecasts, fiscal analyses, conferences and seminars, publications, information services, and data products — the Center’s activities strengthen decision-making by businesses, governments, and institutions throughout the Greater Washington region.  Visit http://cra.gmu.edu to learn more. 

baltimore metro, market analysis, press release
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