Posted on December 12, 2011 by Corey Hart
Dec

12

2011

Highest November Contract Activity in 5 Years, Inventories Continue to Shrink

Rockville, MD (December 12, 2011) – The following analysis of the Washington, D.C. Metro Area housing market has been prepared by RealEstate Business Intelligence (RBI), and is based on the November 2011 RBI Pending Home Sales Index™ released today.

 

View PDF version of this release

OVERVIEW

The number of contracts signed in the Washington, D.C. metro area for the month of November outpaced the 5-year November average pace by 23.3%.  While month-over-month sales usually decline at this time of year in this market, with a 10 year average drop of 6.2% , there was actually a 3.9% month-over-month increase in closed sales this November. Median sales price also showed an improvement over seasonal patterns,  increasing 4.7% from October to $335,000, whereas the 10 year average change is a nominal 0.3% increase month-over-month. While the median sales price showed some resilience, due in part to a 13.6% decline in foreclosed sales from October, it slipped 3.0% year-over-year from November 2010.

 

Posted on December 12, 2011 by Corey Hart
Dec

12

2011

Significant Movement in Foreclosures and Short Sales

Rockville, MD (December 12, 2011) – The following analysis of the Baltimore, Maryland Metro area housing market has been prepared by RealEstate Business Intelligence (RBI), and is based on the November 2011 RBI Pending Home Sales Index™ released today.

 

View PDF version of this release

OVERVIEW

Baltimore Metro area listing inventory ended November at the lowest level in six years, yet new contract activity continued to remain above last year’s levels for the seventh consecutive month. While the November pending sales level of 2,078 was 6.0% below the October 2011 total of 2,210, the current decline was well below the 13.5% average October to November average decline of the past 10 years. Median sales price also outpaced seasonal patterns, rising 1.5% to $222,250 in November from $219,000 in October.  For the past five years, median sales price has slipped an average of 1.7% from October to November. The market share of foreclosed listings in both sales and inventory continued the previous month’s trend of sharp year-over-year declines.

 

 

Posted on November 21, 2011 by Corey Hart
Nov

21

2011

In the interest of saving keystrokes, we'll go ahead and quote directly from NAR's Economists' Outlook post regarding national inventory trends... 

 

"The total homes listed for sale continue to move downward.  The latest decline in October to 3.33 million was partly seasonal, as autumn and winter months nearly always have fewer listings in comparison with spring and summer months.  Still, examining listings only in the month of October (so as to get an apple-to-apple comparison), this year saw the lowest inventory since 2005."

Lawrence Yun - Chief Economist, NAR

 

Click here to see national inventory trends for October going back to 2001. Here's a chart listing the existing home inventory levels for the MRIS footprint, Baltimore Metro, and DC Metro regions.  Refer to Mr. Yun's summary above when looking at our local chart below...

 

 

market analysis, nar
Posted on November 17, 2011 by Corey Hart
Nov

17

2011

Here is the October video for Northern Virginia. Click on the Videos tab above to find the latest video for your region.

 

market analysis, videos
Posted on November 10, 2011 by Corey Hart
Nov

10

2011

Pending Sales Up from Last Year, but Median Sales Price Dips

Rockville, MD (November 10, 2011) – The following analysis of the Washington, D.C. Metro Area housing market has been prepared by RealEstate Business Intelligence (RBI), and is based on the October 2011 RBI Pending Home Sales Index™ released today.

 

View PDF version of this press release

 

OVERVIEW

October 2011 contract activity in the Washington, D.C. metro area outpaced seasonal patterns, attaining a level that was 18.6% higher than the 5-year October average. There were 4,125 new contracts written in October 2011, 10.4% ahead of the September 2011 total of 3,829. For the past 10 years, new contract activity has averaged a 4.3% increase from September to October.

 

The median sale price of $320,025 was 5.9% lower than October 2010. This, combined with the marked 23.3% month-over-month decrease in new listings, can partially be attributed to the lower jumbo mortgage limits which took effect October 1. There is evidence that the lowered jumbo mortgage limits may have kept potential high-end sellers out of the market and decreased the number of buyers willing or able to go after the higher priced home segment. New listings were down over 13.2% compared to October 2010 and down 20.3% from the 5-year October average. The attached home segment (townhouses, condos and coops) saw only a slight dip of 1.7% in median sales price year-over-year, with a $285,000 level in October 2011. This is consistent with the fact that the majority of jumbo mortgages are associated with detached properties.

 

 

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