Shrinking Overall Supply and Declines in Foreclosures Continue Recent Trends

Rockville, MD –(May 10, 2012) – The following analysis of the Washington, D.C. Metro Area housing market has been prepared by RealEstate Business Intelligence (RBI), and is based on the April 2012 RBI Pending Home Sales Index™ released today.

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OVERVIEW

Pricing in the DC Metro Area continued recent positive trends with a year-over-year Median Sale Price gain of 11.2 percent, the highest annual gain in over six years. Active inventory remains low compared to demand, with only 3.2 months of supply. This not only put upward pressure on pricing, but resulted in significant declines in Days on Market prior to sale and the percent of Original List Price discounted at settlement. Traditional listings, or those not involving a short sale or foreclosure, represented the highest proportion of closed sales since the foreclosure wave was at its peak. While new contract activity was up 9.5 percent over April 2011 levels, the percent change vs. last month was well below normal seasonal patterns.

Year-over-Year Gains in Closed Sales and New Contracts

The following analysis of the Baltimore Metro Area housing market has been prepared by RealEstate Business Intelligence (RBI), and is based on the March 2012 RBI Pending Home Sales Index™ released today.

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OVERVIEW

The Baltimore Metro Area housing market continued to show signs of improvement in March, with a second consecutive month of year-over-year gains in median sale price and the level of new foreclosures listed less than half the level of one year ago. Townhome properties saw the largest year-over-year increase in pricing, while detached properties and condo/co-ops experienced more modest increases in median sale price. The $210,000 median sale price for the first quarter was 2.4% higher than Q1 2011. There is solid balance between supply and demand to end the month, with 6.6 months supply of inventory.