Jun
2011May Pending Sales Show Seasonal 0.7% Rise From April; 53.7% Year-Over-Year Surge Reflects Last Year’s Lull After Tax Credit Deadline. Median Sales Price Rises Higher At Second Slowest Rate Year-To-Date In Decade
Rockville, MD –(June 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 May 2011 RBI Pending Home Sales Index™ released today:
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OVERVIEW:
Buyers and sellers signed 2,731 contracts in the month of May, 0.7% more than in April and 53.7% more than during the same month last year. The month-over-month increase in newly signed contracts was consistent with seasonal trends but the year-over-year spike was an anomaly as a result of last year’s 48.7% April to May drop in pending sales after the April 30 federal homebuyers tax credit-related contract signing deadline expired. While the median sales price increased 3.2% to $221,950 in May 2011 from the prior month, it remained 5.1% below the median sales price of $234,000 in the same month last year. Median sales has edged 5.7% higher since January, the second lowest rate of increase in a decade.
KEY TRENDS
The RBI Pending Home Sales Index™ is a two-year moving window on the housing market using new pending sales and median sales price. It provides unique insight into the state of the current housing market by measuring the number of new pending sales for each month through the most recent month.The results include new pending sales through and including May 2011. The market area includes: Baltimore City, Baltimore County, Anne Arundel County, Carroll County, Harford County, and Howard County.
ABOUT JONATHAN MILLER/MILLER SAMUEL:
Miller is President and CEO of Miller Samuel Inc., a nationally known real estate appraisal and consulting firm. A well-regarded real estate commentator, who frequently appears in national media outlets including the Wall Street Journal, the New York Times, Bloomberg News and others covering national and regional housing issues. He has been named “Best Online Real Estate Expert" by Money Magazine and his stringent focus on neutrality has contributed to his recognition by Inman News as one of the most influential real estate bloggers in the U.S. More information on Mr. Miller and Miller Samuel can be found at www.millersamuel.com or follow him on Twitter @jonathanmiller.
ABOUT RBI
RealEstate Business Intelligence, LLC (RBI)is a wholly owned subsidiary of MRIS. RBI is a primary source of real estate data, analytics and business intelligence for real estate professionals with business interests in the Mid-Atlantic region. The full monthly data report for all jurisdictions in the MRIS region, along with charts and graphics, can be found at www.rbintel.com/statistics. RBI is the only company in the Mid-Atlantic region that provides timely, online access to statistical information directly from the Multiple Listing Service (MLS). Visit RBIntel.com or follow @coreyrbi on Twitter to learn more.