Baltimore area hits highest monthly tally in a decade with over 4,500 homes sold in June

Baltimore Metro median sales price of $279,400 is best price since July 2007; Closed and pending sales both at highest June levels of decade; Active inventories decline by double-digits for twelfth consecutive month.

Rockville, MD – (July 12, 2017) – The following analysis of the Baltimore Metro Area housing market has been prepared by Elliot Eisenberg, Ph.D. of MarketStats by ShowingTime and is based on June 2017 Bright MLS housing data.

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OVERVIEW

• The Baltimore Metro area median sales price of $279,400 was up 1.6% or $4,400 from last year and up 2.1% compared to last month. This was the highest price level since July 2007.
• Sales volume across the Baltimore Metro area was $1.4 billion, up 6.6% from last year.
• Closed sales of 4,509 were up 4.8% compared to last year and set an all-time high for the decade.
• New contract activity of 4,313 was 1.2% above last year’s June record of 4,260.
• There were 5,851 new listings in June, up 0.7% from last year but down 1.6% from last month.
• Active listings declined by 12.6% year-over-year to 11,097, the 21^st consecutive month of declining year-over-year inventory levels and the lowest June levels in a decade.
• The average percentage of original list price received at sale in June was 96.6%, up from last year’s 96.1% but down from last month’s 96.8%.  This is the highest June level of the decade.
• The median days-on-market was 19 days, down from 22 days last year, and remains at the lowest monthly level in a decade.

• The June overall regional median sales price of $279,400 is up 1.6% or $4,400 from last year, and up 2.1% or $5,775 from last month.  This is the 16^th consecutive month of year-over-year price increases and is the highest June price level of the past decade.
• Compared to last June, townhome prices were up 6.1% to $219,000 and single-family detached prices were up 2.8% to $350,000.  Condo prices were down 2.5% to $204,750.
• Prices are above the 5-year average of $269,010 and the 10-year average of $260,055.
• June prices are 18.6% above the 2011 low of $235,500.
• Howard County continues to be the most expensive area in the region, with a June median sales price of $437,500, a 4.2% increase compared to last year. 
• Baltimore City remains the most affordable area in the region, with a June median sales price of $164,000, a 5.8% increase compared to last year.
• The highest level of year-over-year price appreciation was in Carroll County, where prices rose 7.0% to $319,900.  Only Harford County saw a decrease in prices compared to last year, where they dropped 3.0% to $252,000. 
• For the year-to-date, all jurisdictions show price increases and the overall regional median sales price has increased 2.5% to $255,210.

• There were 4,509 closed sales in June, up 4.8% compared to last year, and up 13.7% compared to last month.  This is the highest overall monthly level of the decade.
• Compared to last year, townhome sales were up 9.4% to 1,547, single-family detached sales were up 2.6% to 2,508 and condo sales were up 2.0% to 454.
• June sales were well above the 5-year average of 3,781 and the 10-year average of 3,166.
• Sales were 90.4% above the 2011 low of 2,368.
• Sales activity across the region was up in all jurisdictions except Howard County, where sales declined 2.1% to 524.  Carroll County saw the highest percentage increase in number of sales (+8.2% to 302) while Harford County saw the smallest level of increase of 2.9% to 427.

• There were 4,313 new pending sales in June, up 1.2% compared to last year, but down 9.7% compared to last month.    
• Single-family detached pending sales increased 2.0% to 2,350 and townhome pending sales increased 1.1% to 1,536, but condo sales decreased 2.3% to 427.
• Pending contracts are above the 5-year average of 3,867 and the 10-year average of 3,120.
• The number of new pending contracts in June was 118.2% more than the 10-year market low of 1,977 seen in 2010. 
• New pending sales were mixed across the region.  Numbers dropped in Anne Arundel (-6.9% to 937) and Carroll County (-7.0% to 266), while they increased everywhere else.  The smallest increase was in Baltimore County (+1.5% to 1,144) and the largest increase was in Baltimore City (+7.8% to 1,001).

• There were 5,851 new listings added in June in the Baltimore Metro area, a 0.7% increase compared to last year, but a 1.6% decrease compared to last month. 
• The number of new condo listings rose 7.6% to 584 and the number of new single-family detached listings increased 1.0% to 3,227.  The number of new townhome listings declined 1.5% to 2,040.
• New listings are above the 5-year average of 5,323 and the 10-year average of 4,853.
• The number of new listings in June was up 54.5% compared to the 2012 market low of 3,786.
• Across the region, the largest percentage increase in new listings was in Anne Arundel County, where they increased 6.4% to 1,355.  The largest percentage decrease in the number of new listings was in Harford County, where they declined 4.9% to 547.
• For the year-to-date, new listings across the region are up 34 or 0.10%.

• Active inventories of 11,097 dropped by 12.6% compared to last year, although they were up 5.8% compared to last month. Overall inventory levels have declined for 22 consecutive months and are at the lowest June level in a decade. 
• All types of property saw Y-O-Y declines in inventory levels, with single-family detached down 15.0% to 6,638, condos down 10.6% to 1,074, and townhomes down 8.7% to 3,684.
• Inventories are well below both the 5-yr average of 12,538 and the 10-yr average of 14,852.
• June inventories are 44.9% below the decade high of 20,137 seen in June of 2008, and are 0.8% below the previous June 2013 low of 11,192.
• All jurisdictions in the region showed declines in inventory levels, with the largest percentage decline of 26.9% in Carroll County to 659 active listings, and the smallest decline of 6.8% in Howard County to 1,095 active listings.

• The average sales price to original listing price ratio (SP to OLP ratio) for June was 96.6%, up from last year’s 96.1%, but down from last month’s 96.8%.  This was the highest June level in a decade.
• Single-family detached homes have the highest SP to OLP ratio of 97.0%.  Townhomes have a SP to OLP ratio of 96.3% and condos have a SP to OLP ratio of 95.3%.
• The June SP to OLP ratio is above both the 5-year average of 95.8% and the 10-year average of 93.7%.
• Over the last decade, the lowest June average sales price to original listing price ratio was in 2011, where it was 89.6%, and the previous high was last June where it was 96.1%.
• Homes in Howard County sold at 98.0% of their original listing price in June, which continues to be the highest in the region.  It was below last year’s 98.3%.
• The largest gap between original listing price and sales price was in Baltimore City, where it was 94.2%, up from last year’s 94.1%.

• The median days-on-market (DOM) in June in the Baltimore Metro region was 19 days, down three days from last year and the same as last month. This is the lowest DOM of the last decade.
• Condos had a median DOM of 24, while townhomes have a median DOM of 22 and single-family detached have a median DOM of 17.
• June’s median DOM of 19 days is well below both the 5-year average of 24 days and the 10-year average of 39 days.
• June’s median DOM of 19 was 45 days less than the peak DOM of 64 days in June 2008 and June 2009, and was the lowest June level in a decade.
• Baltimore City had the highest median DOM of 30 days, up from 27 days last year.
• Howard County had the lowest median DOM of 12 days, down from 14 days last year.
• For the year-to-date, the regional median DOM is 29 days, down from 39 days for the same period 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 MarketStats by ShowingTime, based on listing activity from Bright MLS.

About Bright MLS

The Bright MLS real estate service area spans 40,000 square miles throughout the Mid-Atlantic region, including Delaware, Maryland, New Jersey, Pennsylvania, Virginia, Washington, D.C. and West Virginia. As a leading Multiple Listing Service (MLS), Bright serves approximately 85,000 real estate professionals who in turn serve over 20 million consumers. For more information, please visit www.brightmls.com.

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.