Baltimore Metro home sales up, prices flat in September

Increase in closed sales led by detached homes; New pending sales up six percent

OVERVIEW

In September, both buyer and seller activity in the Baltimore Metro Area increased relative to 2013.  The number of closed sales and new pending contracts increased from this time last year and both reached multi-year September highs.  Nearly every jurisdiction in the region had more closed sales than in September 2013, with only those in Anne Arundel County decreasing, falling by 5.2 percent.  Inventory continues to rise with active listings reaching the highest total in nearly three years.  New September listings contributed to rising inventory and had a double-digit increase from last year.  The median price was virtually unchanged from last year, dropping only 0.1%, but was higher than the September-levels of 2009 through 2012.  The year-to-date median sales price is $244,000, unchanged from the same period in 2013.

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CLOSED SALES

Most September sales in eight years; increases in single-family detached homes and condo properties.  In the Baltimore Metro Region, there were 2,514 closed sales in September.  Closed sales increased 4.4 percent, or by 106 sales, from last year and reached their highest September-total since 2006.  Of the three property segments, only townhomes had fewer closed sales than last year, decreasing 0.5 percent, or by 4 sales.  At 1,377, the number of single-family home sales increased by 93 sales, or 7.2 percent, from last September.  Sales for condo properties increased 6.4 percent, or by 17 sales, from last September.  As compared to last month, the number of sales decreased 11.4 percent, which is in line with the 10-year average August to September change of -11.5 percent. 

PRICES

Median sales price virtually unchanged, though townhome segment see significant drop.  The median sales price for the region decreased 0.1 percent, or by $300, from last year to $244,700.  However, the median sales price was higher than its September-levels in 2009, 2010, 2011 and 2012.  The median sales price for condo properties was unchanged from last year and was the only property segment that did not decline.  At $302,500, the median sales price for single-family detached homes decreased 0.8 percent, or by $2,500. The median sales price for townhomes decreased 7.9 percent, or by $15,000, from last September.   This is the largest year-over-year percent decrease for townhomes since October 2011.

Harford County had the highest median sales price gain of the jurisdictions in the region, rising 7.4 percent from last year.  Despite declining sales this month, Anne Arundel County was the only other jurisdiction in the region to have a higher median sales price than last September, rising 3.7 percent. Baltimore City has seen the largest pricing declines in both a monthly a year-to-date basis, with decreases of 12.1 percent in September and 6.3 percent year-to-date compared to 2013.

NEW CONTRACTS

Highest September-level since 2005 due to increases in single-family detached homes.  At 2,810, the number of new contracts signed in September was 5.9 percent, or 157 contracts, more than last year.  This is the highest September-total in nine years.  New contracts for single-family detached homes increased 13.0 percent, or by 183 contracts and drove the overall growth.  New contracts for condo properties decreased 1.4 percent, or by 4 contracts, from last September, while those for townhomes decreased 2.2 percent, or by 21 contracts.  As compared to last month, new contracts decreased 10.7 percent which is in line with the ten-year average August to September change of -10.6 percent.

INVENTORY

Highest number of active listings since October 2011; double-digit increases in new listings for all segments.

New listing activity continues outpacing 2013 levels and increased 19.0 percent, or by 750 listings, from last September with a total of 4,692 listings.  This is the 18^th consecutive month of year-over-year increases and the highest September-level for new listings since 2007.  Condos led all property segments in growth, rising 24.7 percent, or by 98 listings, from last September.  New listings for single-family detached homes increased 19.3 percent, or by 420 listings, from last September.  Those for townhomes increased 16.9 percent, or by 232 listings, as compared to last year. 

Active inventory in the region is up 24.6 percent, or by 2,851 listings, from last September to 14,460 listings.  This is the 12^th consecutive month of year-over-year increases.  It is also the highest total of any month in nearly three years and 71.6 percent of its 2008 peak.  Active listings for single-family detached homes led the property segments in growth, rising 25.2 percent, or by 1,731 listings, from last year.  Inventory for townhomes increased 24.4 percent, or by 895 listings, from last year, while that for condo properties increased 21.0 percent or by 224 listings.

The median days-on-market (DOM) is 44 days, which is nine days higher than last year and the seventh consecutive month of year-over-year increases.  Despite this increase, homes are selling more quickly than the 10-year average September-level of 53 days. Condos are selling faster than the other segments, with a median DOM of 40 days. Detached properties had the highest median DOM, as half of the detached properties sold in September were on the market 47 days or less.

About the RBI 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 bulk of this report’s content is readily available, down to the ZIP code level of granularity, via interactive charts and reports offered via SmartCharts Pro, a premium subscription service offered to real estate professionals interested in growing their business with the help of industry-leading and user-friendly analytics. 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.

About RealEstate Business Intelligence, LLC

RealEstate Business Intelligence, LLC (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 interactive charts and graphics, can be found at www.getsmartcharts.com/statistics. RBI is the only company in the Mid-Atlantic region that provides timely, online access to statistical information directly from the MRIS Multiple Listing Service (MLS). Visit rbintel.com or www.facebook.com/rbintel to learn more.

About the Center for Regional Analysis at George Mason University

The Center for Regional Analysis conducts research and analytical studies on economic, fiscal, demographic, housing, and social and policy issues related to the current and future growth of the Virginia, Maryland, and DC areas. Through its range of research and programs — major economic impact studies, economic forecasts, fiscal analyses, conferences and seminars, publications, information services, and data products — the Center’s activities strengthen decision-making by businesses, governments, and institutions throughout the Greater Washington region.  Visit http://cra.gmu.edu to learn more.