With rumors of a new wave of distressed properties about to hit nationally, RealEstate Business Intelligence (RBI) decided to take a closer look at the distressed housing story in the Mid-Atlantic region. The report is posted below for easy viewing, and more importantly, sharing with any customers engaged in the short sale market segment. While our DC Metro and Baltimore Metro reports have shown a consistent decline in the number of distressed sales over the course of this year, this report looks even deeper into what's happening within these segments. A few highlights:

• 23 of 45 jurisdictions saw a higher share of short sales compared to this time last year and 44 of 45 jurisdictions experienced a drop in the share of foreclosure sales.
• The fallout rate for short sale contracts (47.9%) is significantly higher than for foreclosures (16.0%) or conventional sales (13.8%).
• Once a contract is signed, it is taking short sales more than twice as long to settle as foreclosures or conventional sales.

Print the report, share via Twitter or embed it on your website using the links in the toolbar below.  More importantly, read through the entire report so that you have a clear understanding of what's happening with the average distressed property and confidently set expectations with your buyers and sellers going forward!

Supply Continues to Shrink - Lowest New Listings in Fifteen Years

Rockville, MD – (July 10, 2012) – The following analysis of the Baltimore, MD Metro Area housing market has been prepared by RealEstate Business Intelligence (RBI), and is based on June 2012 MRIS housing data.

OVERVIEW

Median sale prices are on the rise throughout the Baltimore Metro Area, and metro-wide, have reached $250K for the first time in two years.  Despite the rising median prices, overall economic uncertainty could be a major factor in keeping many would-be sellers on the sidelines.  The quantity of active listings continues to drop, and the new listings entered in June are the lowest June-level since 1997.   The shrinking inventory of homes for sale in the region coupled with growing buyer activity is pushing prices up, and shortening the average days-on-market (down 14 days since June 2011).  Sale-to-original list price ratios have also narrowed (increasing 2.9 percentage points since June 2011), further evidence of a tightening market.  Detached homes are driving sales growth in the metro area; however the condo market posted the highest percentage growth of new contracts in June, and perhaps early evidence of a changing pattern.