Mild decrease in Baltimore Metro home sales in April

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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CLOSED SALES

Decrease in closed sales driven by single-family detached homes and condo properties.  There were 2,276 closed sales in the Baltimore Metro Region in April, 1.0 percent, or 23 sales, fewer than last year.  Closed sales are higher than in April 2012 and April 2011, but lower than both the 5-year and 10-year April-level average.  The number of sales increased 11.1 percent from last month, which is a steeper rise than the 10-year average March to April change of 7.8 percent.  As compared to last year, closed sales for townhomes increased 7.2 percent, or by 58 sales, and were the only property segment to do so.  Sales of single-family detached homes decreased 5.3 percent, or by 65 sales, from last April.  The number of closed sales of condo properties decreased 6.3 percent, or by 17 sales, from last year.

PRICES

Mild increase driven by increases in single-family detached homes and condo properties.  The median sales price in the Baltimore Metro Region was $240,000 in April and increased 0.8 percent, or by $2,000, from last year.  The median sales price for townhomes decreased 3.5 percent, or by $6,500, to $178,500 and was the only property segment to decline.  At $209,950, the median price of condo properties increased 12.3 percent from last April for a gain of $22,950.  The median sales price for single-family detached homes increased 2.0 percent, or by $6,000, to $305,000.  

Of the jurisdictions, only Howard County and Baltimore County had median sales price increase from April 2012.  The median sales price in Howard County increased 9.1 percent from April 2013, while that for Baltimore County increased 6.1 percent.

NEW CONTRACTS

Third consecutive year-over-year decrease in new contracts.  The number of new contracts signed in April decreased 1.1 percent, or by 41 contracts, from last year to 3,581 contracts.  New contracts increased 10.9 percent from last month, which is a sharper increase than the ten-year average March to April change of 7.4 percent.  Of the property segments, only townhomes had more contracts than this time last year and increased 0.2 percent, or by 3 contracts.  New contracts for condo properties decreased 3.6 percent, or by 14 contracts, from last April and had the steepest decline.  Those for single-family detached homes declined 1.5 percent, or by 30 contracts, from last year. Anne Arundel County was the only jurisdiction with more new contracts signed than last April, with an increase of 7.1 percent.

INVENTORY

Seventh year-over-year increase in active listings; double-digit increase in new listings.  Active listings in the Baltimore Metro region increased 14.6 percent from this time last year to 11,965 listings at the end of April.  This is an increase of 1,525 listings and the seventh consecutive month of increases for this indicator.  Even with this increase, active listings are 40.8 percent lower than their July 2008 peak.  Active listings for single-family detached homes had the highest growth, rising 16.8 percent, or by 1,014 listings, from last April.  Active listings for townhomes climbed 12.3 percent or by 417 listings from last year.  Those for condo properties increased 9.3 percent or by 94 listings. Howard County had the largest year-over-year increase in supply, with 30.4 percent more active listings than at the same time last year.

New listings contributed to the rise in active listings in the region, with a larger year-over-year growth than in the past three months.  There were 5,596 new listings in April, which is the highest number added than in any month since April 2010.  As compared to last year, new listings increased 13.0 percent, or 645 listings, marking the 13^th consecutive month of year-over-year gains.  Single-family detached homes had the highest gains and rose 15.9 percent, or by 448 listings, from last April.  New listings for townhomes increased 9.4 percent, or by 157 listings, from last April, while those condo properties increased 8.7 percent or by 41 listings.  At 45 days, the median days-on-market is nine days more than last year but remains lower than the 10-year April-level average of 59 days.  With a median DOM of 25 days, homes sold fastest in Howard County.  Harford County homes took the longest to sell, with a median DOM of 77 days.

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.