DC Metro Closes 2012 with Double-Digit Price Growth
Posted on January 10, 2013 by Corey Hart
Jan

10

2013

Lowest level of new listings for any month on record

OVERVIEW

As the year concludes, most indicators point to a healthier market than last year, but several clues reveal a possible softening of demand in the near-term.  Sales numbers and the median price are up from this time last year, but new contracts have declined slightly for the 2nd straight month. Additionally, unseasonable declines in sales and median price from November could be an early sign of weakening demand.  The market is experiencing historically low inventory, with active listings at their lowest December-level in nearly a decade, and new listings at their lowest level for any month on record. While intuitively low supply would put upward pressure on prices, it could be that many buyers are deciding to delay their home purchase until more options become available on the market, which is loosening the pressure on pricing as evidenced by the $11,000 drop in the median sale price from November.  Many potential sellers could be hesitant to enter the market during the winter months, so an increase in the spring inventory would likely entice buyers back into the market, and push median prices back up.

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DC Metro Area, market analysis, press release
Baltimore Metro Prices Continued Late Year Surge in December
Posted on January 10, 2013 by Corey Hart
Jan

10

2013

Condos lead in sales, new contracts, and price gains

OVERVIEW

The Baltimore Metro housing market has experienced considerable improvement this past year.  Most indicators point to a healthier market going into 2013, and the trend continues in December with year-over-year growth in sales, new pending contracts, and the median sale price.  The most striking aspect of the 2012 market has been the diminishing supply of homes for sale.  Active listings continue to plunge, and have fallen below 10,000 for the first time since February 2006.  This pattern appears to be slowly changing, as new contracts have been hovering around the 2011 level for the past 5 months.  The condo market continues to see the most growth activity, and leads in year-over-year gains in sales, new contracts, and median sale price.  As we continue through the winter season, it is unlikely that a dramatic surge of new listings will enter the market.  This should keep upward pressure on prices as long as buyers remain active.  If the inventory becomes too low, many buyers might decide to wait it out until more options become available, which could bring prices down in the near term.

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Baltimore Metro Area, market analysis, press release
2012 Home Prices at Historic Highs in DC, Arlington and Alexandria
Posted on December 21, 2012 by Corey Hart
Dec

21

2012

Today's Washington Post front page included an article about a listing in Washington, D.C. that received 168 bids and accurately described the market there as "red-hot". The Post went on to note that the median home sale price in the District is up 14 percent from last year. Definitely a good sign...and there is another fact about DC that might be even more surprising: At $435,000, the YTD median sale price for 2012 is the highest on record!  The District is not alone, neighboring Arlington ($510,000) and Alexandria ($455,000) are also at peak pricing levels this year. While a recent Wall Street Journal article correctly explained that national housing prices finally hit bottom in 2012, prices in several DC Metro counties actually bottomed out back in 2009 and have been gaining ever since.

To further the conversation, here is a chart of the Top 10 counties in the MRIS area,  ranked by how close they are to their Peak Price.  It is based on the aggregate median sale price from January thru November. The right-most column displays the appreciation from post-bubble "bottom", Fairfax homeowners that bought in 2009 should be smiling. 

Let's hope that the Fiscal Cliff is avoided so that the local economy continues to improve in 2013!

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market analysis
November MarketWatch Videos are Up
Posted on December 20, 2012 by Corey Hart
Dec

20

2012

The November MarketWatch videos are now live for all regions. Click here to watch or embed your region's video, Northern Virginia's MarketWatch is below:

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market analysis, videos
How Rising Prices Could Boost Housing Demand in 2013 - Maybe...
Posted on December 19, 2012 by Corey Hart
Dec

19

2012

The Wall Street Journal posted an article in their Developments blog outlining the fact that national home prices finally hit a bottom in 2012, and that next year will be the first time since 2006 where prices ended the previous year in positive territory. Optimism is taking hold in markets across the country, and the fact that more potential buyers finally have a sense of urgency (as noted in the WSJ post), resulted in the author being optimistic that more sellers may be encouraged to put their homes on the market in 2013.

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market analysis

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