Posted on March 11, 2013 by Corey Hart
Mar

11

2013

Low inventory continues to push up median sales prices in all jurisdictions; Subtle signs of a changing inventory pattern begin to emerge with new listings

OVERVIEW

Price growth continues throughout the Washington DC Metro Region, driven by the low inventory of homes for sale. The low inventory is also pushing up the average sale-to-list price ratio, which is now at its highest level since the summer of 2006. While active listings remain at historic lows, new listings are beginning to show signs of what could be a changing pattern. New listings are up over 13 percent across all property segments in the region compared to last month, which is well above the 10-year average change for each segment.

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 January 10, 2013 by Corey Hart
Jan

10

2013

Lowest level of new listings for any month on record

OVERVIEW

As the year concludes, most indicators point to a healthier market than last year, but several clues reveal a possible softening of demand in the near-term.  Sales numbers and the median price are up from this time last year, but new contracts have declined slightly for the 2nd straight month. Additionally, unseasonable declines in sales and median price from November could be an early sign of weakening demand.  The market is experiencing historically low inventory, with active listings at their lowest December-level in nearly a decade, and new listings at their lowest level for any month on record. While intuitively low supply would put upward pressure on prices, it could be that many buyers are deciding to delay their home purchase until more options become available on the market, which is loosening the pressure on pricing as evidenced by the $11,000 drop in the median sale price from November.  Many potential sellers could be hesitant to enter the market during the winter months, so an increase in the spring inventory would likely entice buyers back into the market, and push median prices back up.

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.

Posted on October 10, 2012 by Corey Hart
Oct

10

2012

Both measures below the 10-year September averages; Prices relatively stable, low inventory playing a role

OVERVIEW

Sales activity has slowed in the Baltimore Metro Area housing market as we end September. All property segments posted lower than average sales for the month, which could be an early sign that demand has weakened. New contract activity is also down relative to the 10-year September average. Despite the slower growth, sales activity, new contracts, and median sales price are all above their September 2011 levels, and in many cases are at multi-year September highs, which indicates a...

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