Highest February-level median sales price in five years in Baltimore Metro

Increase in closed sales despite winter weather

OVERVIEW

February was another unusually cold and snowy month in the Baltimore Metro Area, but the weather had less of an impact on activity in the housing market than in January.  The number of closed sales increased 5.9 percent from last February, with increases in all property segments.  But the number of new contracts signed in February fell 1.7 percent from last year, driven by declines in townhomes and single-family detached homes.  While buyer activity was mixed, seller activity continues to improve as compared to the prior year.  New listings increased 2.3 percent and continued to contribute to increases in active listings.  There were 10,107 active listings at the end of February, 7.4 percent more than the same time last year.  Despite this increase, inventory remains low and is only half of its 2008 peak level.  The tight inventory may be playing a role in price growth and the median sales price for the region increased 7.6 percent from last year.  As the weather improves, both buyers and potential sellers may be more inclined to enter the market.

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CLOSED SALES

Increase in closed sales across all property segments.  There were 1,537 closed sales in the Baltimore Metro Region in February, 5.9 percent, or 86 sales, more than last year.  This is the highest February-level since 2008.  The number of sales increased 1.9 percent from last month, which is a milder increase than the 10-year average January to February change of 6.3 percent.  Sales of condo properties increased 11.8 percent, or by 19 sales, from last February and led all property segments in growth.  The number of closed sales of townhomes rose 8.3 percent, or by 44 sales, from last year.  Those for single-family detached homes increased 3.2 percent, or by 24 sales, from February 2013. 

PRICES

Highest February-level since 2009.  The median sales price in the Baltimore Metro Region was $227,000 in February and increased 7.6 percent, or by $16,000, from last year.  This is the highest February-level in five years.  Condo properties were the only property segment to have a lower median sales price than last year, decreasing 0.1 percent, or by $250, to $184,750.  Townhomes had the price growth of the property segments, increasing 9.5 percent from February 2013 for a gain of $15,200.  At $281,000, the median price of single-family detached homes increased 6.3 percent from last February for a gain of $11,500.

Of the jurisdictions, Baltimore City had the highest growth in median sales price, increasing 17.5 percent from February 2013.  Only Harford County and Howard County had had a lower median sales price as compared to last February.

NEW CONTRACTS

Decrease in new contracts driven by townhomes and single-family detached homes.  The number of new contracts signed in February decreased 1.7 percent, or by 43 contracts, from last year to 2,439.  New contracts increased 2.1 percent from last month, which is a milder increase than the ten-year average January to February change of 8.0 percent.  Condo properties were the only property segment to have more contracts than last February, increasing 6.3 percent or by 17 contracts.  New contracts for townhomes declined 2.8 percent, or by 26 contracts, from last year.  New contracts for single-family detached homes decreased by nearly as much, falling 2.6 percent, or by 34 contracts, from a year ago.

INVENTORY

Increase in active listings across all property segments; increase in new listings led by townhomes.  Active listings in the Baltimore Metro Region increased 7.4 percent from this time last year to 10,107 listings at the end of February.  This is an increase of 696 listings and the fifth consecutive month of increases for this indicator.  Even with this increase, active listings are 50.0 percent lower than their July 2008 peak.  Active listings for townhomes had the highest growth rate, rising 8.5 percent from last February.  Active listings for single-family detached homes increased nearly as much, climbing 8.1 percent.  Those for condo properties increased 0.1 percent.  New listings contributed to the rise in active listings, but their rate of increase continues to slow.  There were 3,208 new listings in February.  This is an increase of 2.3 percent, or 72 listings, from last year and the 11^th consecutive month of year-over-year gains.  Townhomes led all property segments in new listing growth, rising 5.4 percent, or by 61 listings, from last February.  New listings of condo properties increased 3.2 percent or by 11 listings.  The number of new listings for single-family homes was unchanged from this time last year.  At 61 days, the median days-on-market is two days fewer than last year and the lowest February-level in eight years.

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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 rbiEXPERT, 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.