Highest April-level median sales price since 2008

OVERVIEW

Buyer activity slowed in the Baltimore Metro Area in April, but seller activity continued to improve.  Closed sales decreased 1.0 percent from last April, driven by decreases in sales of single-family detached homes and condo properties.  The number of new contracts declined by 1.1 percent from this time last year, but remained higher than the April-level for the six preceding years.  As compared to last year, new listings increased 13.0 percent, which is the highest year-over-year increase in four months.  The number of active listings increased 14.6 percent but is still only 59.2 percent of its peak-level.  The median sales price for the region increased 0.8 percent, or by $2,000, from last year, driven by gains in single-family detached homes and condo properties.  Seller confidence appears to be increasing as evidence by consistent increases in listings.  Despite more options, buyer activity has slowed with sales falling two of the first four months this year, after double digit growth for most of 2013.  It’s still too early to distinguish a trend, but rising interest rates, and sales prices could be playing a role.

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New listing activity increases for 12^th month in a row; Prices essentially flat compared to last year

OVERVIEW

The Baltimore Metro Area continued to see winter weather well into March, but buyers and sellers in the region were less affected by it than earlier in the year.  Both buyer and seller activity improved from last March and the number of closed sales, active listings and new listings increased from this time last year.  Closed sales increased 4.6 percent, with gains seen in each property segment.  The number of new contracts declined by 1.3 percent from March 2013, but remained higher than the March-level for the six preceding years.