- 6,971 homes closed in the region in October 2010, 8.5% fewer than the 7,620 homes that closed the prior month and 24.4% less than the 8,950 homes that closed in October 2009.
- The median sales price of a Baltimore Washington metro area home edged 0.8% higher to $265,000 in October from $263,000 in September and was 4% above $254,900 in the same month last year.
- The amount of homes listed for sale were 4.9% above the level seen last year, but new listings entering the market fell 9.2% over the same period. Days on market, the number of days it took for a property to go to contract, fell by 9 days to 86 days in the month. This is typically seen as an indication that demand has increased.
- Despite reduced sales in recent months, the number of sales year to date for 2010 was 81,194, essentially unchanged when compared to 81,561 over the same period in 2009.
“It’s clear that the federal tax credit incentivized some people to change their plans to sign a contract by April 30th when organically, they would have likely purchased their home later in the calendar year,” noted Miller. “As a result, the number of sales was artificially elevated prior to April 30th and artificially low after April 30th—what I call the ‘moving chairs around the room’ impact of the stimulus program on the housing market.”
The full report for all jurisdictions in the MRIS region along with charts and graphics can be found at www.rbintel.com/statistics. RBI is the only company in the Mid-Atlantic region that provides timely, online access to statistical information directly from the Multiple Listing Service (MLS).
Mr. Miller is available for comment on this month’s RBI data, and interview requests should be sent to Cassie Clancy at 301-838-4671 or firstname.lastname@example.org.
RealEstate Business Intelligence, LLC (RBI) is a wholly owned subsidiary of MRIS. RBI is a primary source of real estate data, analytics and business intelligence for real estate professionals with business interests in the Mid-Atlantic region. MRIS serves more than 50,000 real estate professionals spanning the Mid-Atlantic region, including Maryland, Virginia, Washington, D.C. and parts of Pennsylvania, Delaware and West Virginia. Visit RBIntel.com or follow @RBIntel on Twitter to learn more.
SOURCE RealEstate Business Intelligence (RBI)
CONTACT: Cassie Clancy, +1-301-838-4671, email@example.com; or Tina McCormack, +1-301-585-5034, firstname.lastname@example.org
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Tagged with: Business and Economy • D.C. Remain Stable • Home Prices in Washington • Jonathan Miller • Metropolitan Regional Information Systems • Mid-Atlantic states • Multiple Listing Service • Real estate • United States • Washington DC
Filed under: Real Estate