The following analyses of the Washington, D.C. and Baltimore Metro Area housing markets have been prepared by Elliot Eisenberg, Ph.D. of ShowingTime RealEstate Business Intelligence (RBI) and are based on June 2016 MRIS housing data.
DC Metro Overview
- June 2016’s median sales price of $446,000 established a new high for the D.C. Metro area. Prices were up 1.6% ($7,000) compared to last year and up 3.7% ($16,000) compared to last month.
- Sales volume across the DC Metro area was more than $3.2 billion, up 7.9% from last June and up 14.1% from last month.
- June closed sales of 5,938 were up 5.1% compared to last year and were at the highest monthly level since June 2006. This is the 19th consecutive month of Y-o-Y increases in closed sales.
- New contracts increased by 3.9% to 5,979, a new June record.
- New listings of 7,502 were up 3.3% year-over-year and up 0.9% compared to last month.
- Active inventories of 11,301 were down 8.4% from last year but up 2.1% from last month. This is the second consecutive month of declines in year-over-year inventory levels.
- The average percent of original list price received at sale in June was 98.1%, up from last year’s 98.0% but down from last month’s 98.3%.
- The median days-on-market for June 2016 was 14 days, down one day from last year and up one day from last month.
About the DC Metro Housing Market Update
The DC Metro Area Housing Market Update provides unique insights into the state of the current housing market by measuring the number of new pending sales, trends by home characteristics, and key indicators through the most recent month compiled directly from Multiple Listing Service (MLS) data in RBI’s proprietary database. The DC Metro Area housing market includes: Washington, D.C., Montgomery County and Prince George’s County in Maryland, and Alexandria City, Arlington County, Fairfax County, Fairfax City, and Falls Church City in Virginia. Data based on MRIS listing activity and analyzed by ShowingTime RealEstate Business Intelligence.
Baltimore Metro Overview
- The Baltimore Metro area median sales price of $275,000 was up 5.8% or $15,100 from last year and up 5.0% or $13,000 from last month, recording the highest June sales price since 2007.
- Sales volume across the Baltimore Metro area was more than $1.36 billion, up 16.7% from last year and up 21.9% from last month.
- June closed sales of 4,303 were up 11.1% year-over-year, the 23rd consecutive month of increases and the highest monthly level in a decade.
- There were 4,260 new pending contracts at the end of June, up 4.7% from last year’s 4,067 and making this the highest June level of new pending sales in a decade.
- The number of new listings compared to last year increased by 5.8% to 5,810, the highest June level since 2007.
- The number of active listings declined by 9.5% to 12,699, the tenth month in a row of declining year-over-year inventories.
- The average percentage of original list price received at sale in June was 96.1%.
- The median days-on-market for June 2016 was 22 days, down from 28 last year and 26 days last month, and the lowest days-on-market in a decade.
About the Baltimore Metro Housing Market Update
The Baltimore Metro Area Housing Market Update provides unique insights into the state of the current housing market by measuring the number of new pending sales, trends by home characteristics, and key indicators through the most recent month compiled directly from Multiple Listing Service (MLS) data in RBI’s proprietary database. The Baltimore Metro Area housing market includes the City of Baltimore, Anne Arundel County, Baltimore County, Carroll County, Harford County and Howard County in Maryland. Data provided by ShowingTime RBI, based on listing activity from MRIS.
MRIS is a leading provider of real estate information technology and one of the nation’s leading multiple listing services (MLS), facilitating nearly $51 billion in system wide sales in 2015. The company supports over 45,000 real estate professionals in the Mid-Atlantic region, including Maryland, Northern Virginia, Washington, D.C. and parts of Pennsylvania, Delaware and West Virginia. MRIS provides its customers with a portfolio of best-in-class desktop, mobile and cloud-based technologies to improve the real estate transaction process for both real estate professionals and homebuyers and sellers. For more information, please visit MRIS.com or MRIShomes.com to search for thousands of available homes in the Mid-Atlantic region.
About Elliot Eisenberg
Elliot Eisenberg, Ph.D. is the Chief Economist of GraphsandLaughs, LLC, a firm specializing in economic consulting and data analysis. He is a frequent speaker on topics including: economic forecasts, economic impact of industries such as homebuilding and tourism, consequences of government regulation, economic development and other current economic issues. Dr. Eisenberg earned a B.A. in economics with first class honors from McGill University in Montreal, as well as a Masters and Ph.D. in public administration from Syracuse University. Eisenberg was formerly a Senior Economist with the National Association of Home Builders in Washington, D.C. He is a regularly featured guest on cable news programs, talk and public radio, writes a syndicated column and authors a daily 70 word commentary on the economy that is available at www.econ70.com