Median days-on-market at a seven-year low

OVERVIEW

Market indicators continue to improve in the Baltimore Metro Region as we head into summer.  Sales and new pending contracts increased at double-digit rates for the second month in a row, and the median sales price resumed growth after falling flat last month.  The inventory of homes for sale remains at an 8-year May low across all property segments.  Despite the continual inventory shortage, new listings are showing signs of life and are up nearly 20 percent from this time last year, reflecting back-to-back months of double-digit growth for this indicator. 

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Lowest days-on-market in 8 years; Active listings remain low, however new listings spike for the 1^st time in 2 years

OVERVIEW

Market indicators point to a healthy spring market in the Washington DC Metro Region.  Sales and median prices continue to rise, and new contract activity is up after several months of declines.  The low inventory of homes for sale coupled with strong demand on the buyer side is fueling much of the market growth. While active listings remain historically low, new listings spiked in April, possibly an early sign of a changing pattern.  The rise in new listings could indicate that sellers are starting to be drawn into the market by higher price points and faster sale times.