Baltimore Metro hits highest June-level prices in six years

Increases in closed sales and new pending sales

OVERVIEW

In June, the housing market in the Baltimore Metro Area improved relative to last year, with both buyer activity and seller activity above their year-ago levels.  Closed sales and new pending sales increased by 2.8 percent and 3.2 percent, respectively.  The increase in closed sales was driven by townhomes and single-family detached homes, while the increase in new pending sales was driven by single-family detached homes alone.  The number of homes for sale continues to increase and active listings climbed 22.2 percent from last June.  The number of active listings reached its highest level in over two years but is only 67.7 percent of its 2008-peak.  New listings continue to increase, rising 19.8 percent from last year. 

The median sales price increased 2.0 percent and reached its highest June-level since 2008.  This increase was driven by single-family detached homes and condo properties.  Within the region, four of the six jurisdictions had median sales price increases, led by a 5.0 percent increase in Carroll County.

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CLOSED SALES

Increase in closed sales driven by single-family detached homes and townhomes.  There were 3,154 closed sales in the Baltimore Metro Region in June, which is 2.8 percent, or 86 sales, higher than last year.  This is the highest level for any month since June 2007.  Closed sales for condo properties decreased 1.8 percent, or by six sales, and were the only property segment with fewer sales than last June.  At 1,800, sales of single-family detached homes increased 2.9 percent, or by 51 sales, from last year.  The number of closed sales of townhomes increased 4.1 percent, or by 41 sales, from this time last year.  As compared to last month, the number of sales increased 14.0 percent, which is a sharper increase than the 10-year average May to June change of 13.3 percent. 

PRICES

Highest June-level since 2008, driven by single-family detached homes and condo properties.  At $268,000, the median sales price in the Baltimore Metro Region was $5,250, or 2.0 percent, higher than last year.  This is the highest June-level in six years.   The median sales price for condo properties increased 6.4 percent, or by $12,500, from last year and led all property segments in growth.  At $335,500, the median sales price for single-family detached homes increased 0.2 percent, or by $600.  The median sales price for townhomes decreased 2.5 percent, or by $4,900, and was the only property segment to decrease

Of the jurisdictions, Carroll County had the highest increase median sales price, rising 5.0 percent from last year.  Howard County and Harford County had median sales price declines, falling 4.5 percent and 2.8 percent, respectively.

NEW CONTRACTS

Increased new contracts driven by single-family detached homes; highest June-level since 2005.  The number of new contracts signed in June increased from last year for the first time in five months.  There were 3,399 new contracts in June, 3.2 percent, or 105 contracts more than last year.  This is the highest June-level in nine years.  New contracts for single-family detached homes increased 6.6 percent, or by 115 contracts, and drove the increase in new contracts overall.  There was no change in the number of new contracts for townhomes.  New contracts for condo properties decreased 2.6 percent, or by 10 contracts, from last June.  As compared to last month, new contracts decreased 6.9 percent, which is a sharper decrease than the ten-year average May to June change of -4.8 percent.

INVENTORY

Ninth consecutive month of year-over-year increases for active listings; highest number of active listings in over two years.  Active listings in the Baltimore Metro Region increased 22.2 percent, or by 2,485 listings, from last June to 13,677 listings.  This is the ninth consecutive month of year-over-year gains for this indicator and the highest level of any month in over two years.  Despite this increase, active listings are 32.3 percent lower than their July 2008 peak.  Active listings for single-family detached homes had the strongest growth, climbing 25.0 percent, or by 1,651 listings, from last June.  Listings for townhomes rose 18.8 percent, or by 670 listings, from last year.  Active listings for condo properties increased 15.6 percent or by 161 listings.

New listings have increased from the prior year for 15 consecutive months.  There were 5,156 new listings in June, increasing 19.8 percent, or by852 listings from last year.  New listings are now at their highest June-level since 2007.  Single-family detached homes led all property segments in growth, rising 22.8 percent, or by 555 listings, from last year.  New listings for townhomes increased 16.4 percent, or by 235 listings, from last June.  Those for condo properties increased 13.6 percent, or by 59 listings, as compared to last year.  The median-days-on-market rose by seven days from last June to 30 days.  While this is the fourth year-over-year increase in a row, it remains lower than its 10-year average June-level of 40 days.