Posted on October 10, 2013 by Corey Hart
Oct

10

2013

Double-digit growth for new listings for the sixth straight month

OVERVIEW

Activity in the Washington DC Metro Region continues to be steady and strong as we enter fall.  Sales increased in September as compared to this time last year.  Pending contracts also increased, but at a slower rate than earlier this year.  The increase in pending contracts was driven by condos and detached homes.  Total inventory continues to decline, but as in prior months, the pace of the decline is slowing.  Both townhomes and condos had year-over-year increases in active listings, but were offset by the decline in detached home listings.  Median sales prices reached their highest September-level in six years likely as a result of strong demand and tight supply.  Condo properties led the growth in closed sales while detached homes had the highest increase in median sales price.  Favorable market conditions continue to cause new sellers to enter the market, resulting in a 16.5 percent increase in listings from this time last year.  This is the sixth consecutive double-digit increase for this indicator.  Homes are selling quickly; the median-days-on-market was 17 days in September, which is the lowest September-level since the peak of the housing boom in 2005.  Federal uncertainty may play a stronger role over the coming months as the impact of the Federal Shutdown and debt ceiling are felt.

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Posted on October 10, 2013 by Corey Hart
Oct

10

2013

Decline in active listings mildest in over two years; Double-digit growth for new listings for the sixth straight month

OVERVIEW

Activity in the Baltimore Region continues to be steady and strong as we enter fall.  Sales and pending contracts increased in September as compared to this time last year.  Inventory continues to decline, but as in prior months, the pace of the decline is slowing.  Median sales prices reached their highest September-level in five years, likely as a result of strong demand and tight supply.  Condo and townhome properties led the growth in both closed sales and median prices. There was a 21.9 percent increase in new listings from this time last year.

“Favorable market conditions continue to cause new sellers to enter the market,” said Jonathan Hill, President of RealEstate Business Intelligence. “This is the sixth consecutive month with double-digit percent increases in new listing activity compared to 2012.”  Homes are selling quickly; the median days-on-market was 35 days in September, which is the lowest September-level since the peak of the housing boom in 2005.  Federal uncertainty may play a stronger role over the coming months as the impact of the Federal Shutdown and debt ceiling are felt.

Click here to view PDF version of this report

Posted on September 10, 2013 by Corey Hart
Sep

10

2013

Pace of inventory decline slows, even as sales growth continues

OVERVIEW

Demand remained strong in the Baltimore Metro Region in August.  The number of sales and pending contracts increased.  Inventories continue to decline, but the pace has slowed to only a single digit year-over year decrease for the second consecutive month.  The decline in overall inventories has been mitigated by the continuing trend of increased new listing activity. Demand for condo and townhome properties continues to be strong.  Townhome sales drove the majority of the increases in both sales and new contracts.  Smaller units had the highest increase in median sales price, with units less than 800 square increasing by 20.5 percent, or four times the 5.0 percent increase for all units.  The overall high demand and low supply contributed to median sale price gains within the region and resulted in the highest August-level median sales price in since 2008.  The median days-on-market continues to be historically low, and is now at its lowest August-level in eight years.  Rising prices and strong demand should continue to encourage new sellers to enter the market, increasing new listings and helping to meet pent up demand.

Click here to view PDF version of this report

Posted on September 09, 2013 by Corey Hart
Sep

09

2013

Even with double-digit gains in new listings, overall inventory remains low

OVERVIEW

Demand remained strong in the Washington DC Metro Region in August.  The number of sales and pending contracts increased.  Inventories continue to decline, but the pace has slowed to a single digit year-over year decrease.  New listings continue to increase and mitigate the decline of inventories.  Demand for smaller units in the market continues to drive much of the overall sales.  Sales of units smaller than 800 square feet increased by 35.6 percent from last August, which is over double the 13.8 percent increase for all units.  Condo sales drove the majority of the increases in both sales and new contracts.  Units between 800 and 1,000 square feet had a median sales price increase of 21.7 percent, or nearly three times the 7.8 percent increase for all units.  The overall high demand and low supply contributed to median sale price gains within the region and resulted in the highest August-level median sales price in eight years.  The median days-on-market continues to be historically low, and is now at its lowest August-level since 2005.  Rising prices and strong demand may encourage new sellers to enter the market, increasing new listings and helping to meet pent up demand.

Click here to view PDF version of this report

Posted on September 06, 2013 by Corey Hart
Sep

06

2013

Considering the importance supply and demand have played in the DC Metro market's recovery, our pals over at UrbanTurf asked us for our predictions on inventory levels through the rest of this year.  You can read the UrbanTurf post here, but in a nutshell: The trends over the last 4-5 months of double-digit year-over-year gains in new listings appear to be slowing down the inventory free-fall and has lead us to predict the area might finally see an easing of the inventory pinch later this year. 

Here's the chart we provided UrbanTurf to complement our analysis:

 

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