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:

 

Posted on August 12, 2013 by Corey Hart
Aug

12

2013

Continued increases in sales and new contracts; Double-digit growth for new listings for the fourth straight month

OVERVIEW

Demand in the Washington DC Metro Region remains strong in the summer months, as shown by increases in sales and pending contracts.  Inventories continue to decline, but the pace has slowed, bolstered by new listings.  High demand and low supply contributed to median sale price gains throughout the region.   All counties in the region had median sales price increases in July, and the median price for the region as a whole reached its highest July-level since 2009.  The year-to-date median price is nearly 10 percent higher than over the same period in 2012. The median days-on-market continues to be historically low, and is now at its lowest July-level since 2005.  While the number of sales and new contracts decreased from June, this is typical of summer seasonal patterns and the decline was smaller than in past years.  The Washington DC Metro Region housing market continues to show strength, with increases in new listings helping to meet pent up demand.  Increasing prices may encourage potential sellers to list their homes, continuing the growth in new listings.

Click here to view PDF version of this report

Posted on August 12, 2013 by Corey Hart
Aug

12

2013

Growth trend for sales, new contracts and new listings continues

OVERVIEW

Demand in the Baltimore Metro Region remains strong in the summer months, as shown by increases in sales and pending contracts.  Inventories continue to decline, but the pace has slowed, bolstered by new listings.  High demand and low supply contributed to median sale price gains throughout the region.  All counties in the region had median sales price increases in July, and the median price for the region as a whole reached its highest level since summer 2008.  The median days-on-market continues to be historically low and is now at its lowest July-level since 2005.  While the number of sales decreased from June, this is typical of summer seasonal patterns and the decline was smaller than in past years.  The Baltimore Metro Region continues to recover, with increases in new listings helping to meet pent up demand.  Increasing prices may encourage potential sellers to list their homes, continuing the growth in new listings.

Click here to view PDF version of this report

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