Baltimore Metro housing market has a mixed performance in July

Declines in closed sales, though contract activity increases

OVERVIEW

The Baltimore Metro Area housing market performance was mixed in July.  While the number of closed sales decreased for all property segments from last year, all property segments had more new pending contracts than last year.  Closed sales for townhomes fell the most of the property segments, but also had the largest increase in new pending contracts.  The median sales price decreased by 3.1 percent from last July, driven by declines in single-family detached homes and townhomes.  But the median sales price remains higher than its July-levels in 2009 through 2012.  Inventory continues to rise and active listings reached their highest level of any month since November 2011.  However, the number of homes for sale remains low, at just 68.6 percent of its peak-level.

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CLOSED SALES

Decrease in closed sales for all property segments.  In July, there were 2,945 closed sales in the Baltimore Metro Region, which is 2.0 percent, or 61 sales, fewer than last year.  While sales were lower than their year-ago level, they were higher than the July-levels for 2008 through 2012.  Closed sales decreased for all property segments.  Closed sales for townhomes fell 4.1 percent, or by 42 sales, and had the sharpest decline.  Condo properties decreased 3.0 percent, or by 9 sales, from last July.  At 1,670, sales of single-family detached homes decreased 0.7 percent, or by 11 sales, from last year.   As compared to last month, the number of sales decreased 6.6 percent, which is a milder decrease than the 10-year average June to July change of -12.1 percent. 

PRICES

Decrease in median sales price driven by single-family detached homes and townhomes.  At $256,000, the median sales price in the Baltimore Metro Region was $8,062, or 3.1 percent, lower than last year.  However, the median sales price was higher than its July-levels for all years between 2009 and 2012.  Condo properties were the only segment to have an increase in the median sales price from last year, and increased 0.2 percent, or by $500.  The median sales price for townhome properties decreased 2.3 percent, or by $4,550, from last July.  At $323,100, the median sales price for single-family detached homes decreased 3.6 percent, or by $11,900. 

Of the jurisdictions, Carroll County had the highest increase in median sales price, rising 3.5 percent from last year.  Half of the jurisdictions in the region had median sales price declines from last year: Baltimore City (-9.1 percent), Harford County (-5.1 percent) and Baltimore County (0.2 percent).

NEW CONTRACTS

Increased new contracts driven by townhomes; highest July-level since 2005.  There were 3,422 new contracts in July, 9.6 percent, or 299 contracts more than last year.  This is the highest July-level in nine years.  New contracts for townhomes increased 12.9 percent, or by 137 contracts, and led the property segments in growth.  New contracts for single-family detached homes increased 8.9 percent, or by 153 contracts, from last July, while those for condo properties increased 2.3 percent, or by 8 contracts.  As compared to last month, new contracts increased 0.7 percent, and rose more than the ten-year average June to July change of -3.2 percent.

INVENTORY

Highest number of active listings in nearly three years; 16^th consecutive month of year-over-year increases for new listings.  Active listings in the region increased 22.5 percent, or by 2,548 listings, from last July to 13,856 listings.  This is the tenth consecutive month of year-over-year increases and the highest level of any month in nearly three years.  Despite this increase, active listings are 31.4 percent lower than their July 2008 peak.  Active listings for single-family detached homes had the strongest growth, rising 26.8 percent, or by 1,767 listings, from last July.  Listings for townhomes increased 17.8 percent, or by 650 listings, from last year, while those for condo properties increased 12.0 percent or by 128 listings.

New listings have increased from the prior year for 16 consecutive months.  There were 4,897 new listings in July, 16.0 percent, or 676 listings more than last July.  This is the highest July-level for new listings since 2007.  Single-family detached homes led all property segments in growth, rising 18.2 percent, or by 423 listings, from last year.  New listings for townhomes increased 16.7 percent, or by 244, from last July.  Those for condo properties increased 1.8 percent, or by 8 listings, as compared to last year.  At 34 days, the median-days-on-market rose by eight days from last July.  While this is the fifth year-over-year increase in a row, it remains lower than its 10-year average July-level of 44 days.

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.