Baltimore Metro sales flat in November

Posted on December 10, 2013 by Corey Hart
10

Dec

2013

Increase in active listings for all property segments

OVERVIEW

Buyer activity in the Baltimore Metro Region housing market was flat in November.  The typical winter slow-down in the region’s housing market was intensified somewhat by the shutdown of the federal government.  Closed sales increased 0.8 percent from this time last year, which is the slowest growth rate this year.  Sales decreased 10.2 percent from last month, which is nearly three times the 10-year average October to November change. 

Click here to view PDF version of this release

New pending contracts were stronger than closed sales and increased 7.3 percent from last November.  Seller activity continues to improve as prices rise. For the second consecutive month, active listings increased from last year, with gains in all property segments.  Even with this increase, supply remains tight and is only 56.4 percent of its 2008 peak level.  New listings increased 22.4 percent from last year, but declined from last month in line with seasonal patterns.  The median sales price increase 4.1 percent from last year, continuing its steady rise.  Homes continue to sell quickly and the median-days-on-market for all homes is 38 days.  Despite the resolution of the Federal shutdown, buyer activity in the upcoming months may remain subdued in line with seasonal patterns and exacerbated by uncertainty surrounding rising inventories and interest rates.

CLOSED SALES

Sales flat from last year; townhomes lead in sales growth.  There were 2,034 sales in the Baltimore Metro Region in November, 17 sales, or 0.8 percent more than this time last year. While this is the highest November-level for sales since 2009, the year-over-year increase is the mildest it has been in this year.  The number of sales decreased 10.2 percent from last month, which is a sharper decrease than the 10-year average October to November change of -3.6 percent.  Townhomes led all property segments in year-over-year sales growth, increasing 5.9 percent from November 2012.  Sales of single-family detached homes increased 1.1 percent from last year.  Condo properties were the only property segment to have fewer sales than last year, decreasing by 35 sales or 13.8 percent.

PRICES

Steady increases in median sale price; single-family homes and condos lead in price growth.  At $239,450, the median sales price in the Baltimore Metro Region is 4.1 percent higher than this time last year, an increase of $9,450.  This indicator has increased now for 22 consecutive months with an average increase of 4.8 percent.  As compared to last year, single-family detached homes had the highest growth rate of all property segments increasing 6.9 percent for a gain of $20,000.  The median price of condo properties increased 6.1 percent from last November for a gain of $11,500.  Townhomes were the only property segment to have a lower median sale price than this time last year, decreasing 3.4 percent or $5,700. 

Among the jurisdictions in the region, Carroll County had the highest growth rate, increasing 13.8 percent from last November.  The year-to-date median sale price for the region as a whole increased to $241,605 from $230,000 for a 5.0 percent gain from the same period last year.

NEW CONTRACTS

Increase in new contracts in all property segments compared to last year.  There were 2,375 new contracts signed in November, an increase of 7.3 percent, or 162 contracts, from November 2012.  This is the highest November-level in seven years.  New contracts decreased 11.0 percent from last month, which is a milder decrease than the ten-year average October to November change of -13.4 percent.  Townhomes had the highest growth rate in new contracts and increased 14.0 percent, or by 111 contracts, from a year ago.  New contracts for condos increased 7.5 percent, while -family detached homes increased 2.8 percent from a year ago.

INVENTORY

Increase in active listings and continued double-digit increases in new inventory.  Active listings in the Baltimore Metro Region increased 5.8 percent from this time last year to 11,400 listings at the end of November.  This is an increase of 623 listings, and the second month of increases for this indicator.  Despite this increase, active listings are 43.6 percent lower than their July 2008 peak.  Active listings for single-family detached homes increased 6.0 percent from last November.  Active listings for condo properties increased by nearly as much and climbed 5.7 percent.  Active listings for townhomes increased 5.3 percent, or by 191 listings.  Gains in new listings have contributed to the increase in active listings.  There were 3,077 new listings in November, which is an increase of 22.4 percent from last year.  This is the eighth 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 27.5 percent from last November.  New listings of condo properties rose nearly as much, increasing 25.0 percent.  New listings for townhomes increased 15.2 percent from this time last year.  At 38 days, the median days-on-market is 10 days lower than last year and the lowest November-level in eight years.

###

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 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.

 

Baltimore Metro Area, market analysis, press release
Comments: 0  |  Back to rbiBLOG

RBI Sign In




Forgot password? Click here...

Blog Archive