September 2016 Housing Market Update: Sale Prices Remain High in DC Metro; Baltimore Area Prices Touch Highest September Levels Since 2008
October 11, 2016 | by Corey
The following analyses of the Washington, D.C. and Baltimore Metro Area housing markets have been prepared by Elliot Eisenberg, Ph.D. of ShowingTime and are based on September 2016 MRIS housing data.
- September 2016’s median sales price of $399,900 was just slightly below last year’s $400,000 and down 5.0% or $20,850 from last month.
- Sales volume across the DC Metro area was more than $2.0 billion, up 0.1% from last September.
- Closed sales of 4,183 were up 1.6% compared to last year, the highest September level in a decade.
- New contracts decreased by 1.9% to 4,692, the first year-over-year decline since January 2016.
- New listings of 6,779 were down 1.5% year-over-year but up 23.3% compared to last month.
- Active listings of 11,102 are down 14.3% compared to last year. This is the fifth consecutive month of declines in year-over-year inventory levels.
- The average percent of original list price received at sale in September was 97.5%, up from last year’s 97.1% and unchanged from last month.
- The median days-on-market for September 2016 was 24 days, three days lower than last year.
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 ShowingTime’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.
- The Baltimore Metro area median sales price of $255,000 was up 2.0% or $5,000 from last year, and at the highest August level since 2008.
- Sales volume across the Baltimore Metro area was almost $1.1 billion, up 14.5% from last year.
- August closed sales of 3,748 were up 13% compared to last year and up 5.3% compared to last month.
- There were 3,932 new pending contracts recorded in August, up 10.7% compared to last year and also at the highest August level in a decade.
- The number of new listings compared to last year dropped 0.4% to 4,708.
- The number of active listings declined by 12.6% to 12,315, marking a full calendar year that year-over-year inventory levels have dropped.
- The average percentage of original list price received at sale in August was 95.6%, the highest August level in a decade.
- The median days-on-market was 29 days, down from 39 days last year.
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 Showingtime’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, 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