Posted on May 10, 2011 by Corey Hart
May

10

2011

Around the 8th of each month, I get an email from Betsy (our resident data geek) with a first look at the previous month's data. I then start bugging Porter (data visualization geek) to push them into our staging environment so that I can take a look at the new Interactive Charts.  A little perk from working at RBI - getting a sneak peak at local RE stats while the finishing touches of QA are applied (and before we update our site on the 10th!  Being a Loudoun resident, I usually jump right to the LoCo page to see how the market is trending and how my ZIP code is looking. Though unlikely since I've been in NoVa for decades, I occasionally toy with the idea of selling my place and moving to Maryland (2-hour commutes like yesterday makes it all the more tempting!), so obviously I like to keep tabs on recent trends.

 

Diving in this month, something jumped out at me when looking at the townhouse segment - the average Days on Market before sale was somewhat higher than I'd expected, given what I've seen from neighborhood signs changing from "For Sale" to "Under Contract" as I drive around (can't get much more anecdotal than that, but hey, I'm not a REALTOR®).  The chart below shows the Average Days on Market for the 225 detached sales (in purple) and 134 attached sales (in red).

 

I realize most agents (and home sellers) in counties outside of the MRIS region would love to see such relatively low figures, but the 45 day average for townhouses and 92 day average for detached homes still was higher than I'd expected. I flipped the Interactive Chart over to Median DOM and found a picture that better fit my preconception:

 

Posted on May 10, 2011 by Corey Hart
May

10

2011

Pending Sales 5.1% Below March Jump; 21.8% Below Prior Year Tax Credit Fueled Surge, Median Sales Price Declines 6.5% Year-Over-Year

Rockville, MD (May 10, 2011) – The following analysis of the Baltimore Metro Area housing market has been prepared by housing market expert Jonathan Miller of Miller Samuel, based on the April 2011 RBI Pending Home Sales Index™ released today:

 

 

OVERVIEW: There were 2,712 signed contracts in the Baltimore metro area for the month of April, 21.8% below the tax credit-fueled surge of 3,466 in the same month last year in the waning moments of the federal stimulus program and 5.1% below the 2,857 total of the prior month.  April pending sales did not keep pace with March pending sales largely due to last month’s release of pent-up demand from the lull in activity in the second half of 2010 caused by the expiration of the tax credit last spring.  The April 2011 median sales price was $215,000, 6.5% less than $230,000 in April 2010 but 7.5% above $200,000 in the prior month.  The first four months of 2011 resulted in the four lowest monthly median sales prices for the region since January 2005.

 

 

Posted on May 10, 2011 by Corey Hart
May

10

2011

Pending Sales 15.9% Below Prior Year Tax Credit Fueled Surge; 4.8% Below March Rush. Median Sales Price Essentially Unchanged Year-Over-Year

Rockville, MD (May 10, 2011) – The following analysis of the Washington, D.C. Metro Area housing market has been prepared by housing market expert Jonathan Miller of Miller Samuel, based on the April 2011 RBI Pending Home Sales Index™ released today:

 

 

OVERVIEW

April buyers and sellers in the Washington, D.C. metro area signed 5,170 purchase contracts, the second highest April since 2006.  The total was second only to the April 2010 surge in activity related to the final days of the federal homebuyer tax credit.  Pending sales in April fell to 5,170, 4.8% short of the heavy volume reached in March, partly a result of last month’s release of pent-up demand accumulated during the post-tax credit expiration lull in the second half of 2010.  The April 2011 median sales price was $334,000, nominally below $335,000 reached in same month last year and 4.4% above $320,000 in March.  The month over month increase was consistent with seasonal patterns.

 

Posted on May 10, 2011 by Corey Hart
May

10

2011

The Q1-2011 MRIS Economic and Market Watch Report has been published and can be viewed here:

MRIS Economic and Market Watch Report - 1st quarter (PDF)
 

To find historical versions of this quarterly report, use the "Get Reports" widget on the RBI home page or find them on the "Reports" tab of the Mid-Atlantic stats page.  Coming soon, RBI will be integrating quarterly and yearly increments into our Interactive Chart offerings, stay tuned...

market analysis
Posted on April 29, 2011 by Jonathan Miller
Apr

29

2011

The National Association of Realtors just released their Pending Home Sale Index that shows contract signings from February to March increased 5.1% adjusted for seasonality.  

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