Rockville, MD –(March 10, 2011) – According to data released today by RealEstate Business Intelligence (RBI), an MRIS company, the Baltimore metro area housing market showed gains in pending home sales in the first two months of 2011, reaching its highest level since April 2010 when the federal homebuyer’s tax credit expired. However, housing prices have declined to levels last seen in 2004.
“Pending home sales increased 25.1 percent year-over-year in a manner consistent with seasonal expectations year to date in 2011,” says noted housing market expert and RBI analyst Jonathan Miller. However, median sales price in February fell 9.5 percent from the same month last year. The economic challenges of tight credit and above average unemployment levels continue to press housing prices lower.”
To track the local housing market, the RBI Pending Home Sales IndexTM [Baltimore Metro Area]offers a two-year moving window on the housing market using pending sales and median sold price. The results include new pending sales for each month through and including February 2011. The market area includes: Baltimore City, Baltimore County, Anne Arundel County, Carroll County, Harford County, and Howard County.
“The RBI Pending Home Sales IndexTM provides unique insight into the state of the current housing market by measuring the number of signed contracts through the most recent month, the only metric currently available that does this,” says Miller. “The median sales price, which has an advantage over average sales price because it removes outliers, is provided to show the relationship between signed contract activity and prices.”
Based on the figures released by RBI, Miller describes the interaction between the market indicators in the Baltimore metro area for February:
The full monthly data report for all jurisdictions in the MRIS region, along with charts and graphics, can be found at www.rbintel.com/statistics. RBI is the only company in the Mid-Atlantic region that provides timely, online access to statistical information directly from the Multiple Listing Service (MLS).
Jonathan Miller is available for comment on this month’s RBI data as well the RBI Pending Home Sales Index™. Interview requests can be sent to Tina McCormack at 301-585-5034 or firstname.lastname@example.org.