The following analysis of the Washington, D.C. Metro and Baltimore Metro Area housing markets has been prepared by Elliot Eisenberg, Ph.D. of MarketStats by ShowingTime and is based on January 2018 Bright MLS housing data.
Washington D.C Metro’s January median sales price of $399,900 was up 2.5% or $9,900 compared to last year, the 16th consecutive month of year-over-year price increases. Price were down 4.8% compared to last month. Closed sales of 2,974 were down 1.3% compared to last year and were 23.5% below last month. New contacts of 3,956 were down 0.1% compared to last year but were up 19.4% compared to last month. New listings of 4,232 were down 6.8% compared to last year but were up a seasonal 51.2% from last month Active listings of 6,155 are down 14.8% compared to last year and down 8.6% compared to last month. This is the 21st consecutive month of declines in year-over-year inventory. The average percent of original list price received at sale in January was 96.9% down from last year’s 97.0%. The median days-on-market for January 2017 was 30 days, four days lower than last year.
The Baltimore Metro area median sales prices of $239,000 was up 1.7% or $4,050 from last year but down 4.4% or $11,000 compared to last month. Sales volume across the Baltimore Metro area was nearly $606 million, up 0.5% from last year. Closed sales of 2,211 were up 0.7% compared to last year but were down a seasonal 27.8% from last month. New contract activity of 3,151 was down 1.4% from last year but up 19.5% from last month. There were 3,433 new listings, down 5.1% from last year bbut up 39.0% from last month. Active listings declined by 14.2% to 7,04, the 20th consecutive month of declining year-over-year inventory levels. This was the lowest inventory level of inventory since August 2005. The average percentage of original list price received at sales in January was 94.6%, up from last year’s 94.3%. This is the highest January level of the last ten years. The median days-on-market was 38 days, down eight days compared to last year and up two days from last month.
About the DC Metro Housing Market Update
The DC 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 ShowingTime’s proprietary database. The DC Metro Area housing market includes: Washington, D.C., Montgomery County and Prince George’s County in Maryland, and Alexandria City, Arlington County, Fairfax County, Fairfax City, and Falls Church City in Virginia. Data provided by MarketStats by ShowingTime, based on listing activity from Bright MLS.
About the Baltimore 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 ShowingTime’s proprietary database. 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. Data provided by MarketStats by ShowingTime, based on listing activity from Bright MLS.
About Bright MLS
The Bright MLS real estate service area spans 40,000 square miles throughout the Mid-Atlantic region, including Delaware, Maryland, New Jersey, Pennsylvania, Virginia, Washington, D.C. and West Virginia. As a leading Multiple Listing Service (MLS), Bright serves approximately 85,000 real estate professionals who in turn serve over 20 million consumers. For more information, please visit www.brightmls.com.
About Elliot Eisenberg
Elliot Eisenberg, Ph.D. is the Chief Economist of GraphsandLaughs, LLC, a firm specializing in economic consulting and data analysis. He is a frequent speaker on topics including: economic forecasts, economic impact of industries such as homebuilding and tourism, consequences of government regulation, economic development and other current economic issues. Dr. Eisenberg earned a B.A. in economics with first class honors from McGill University in Montreal, as well as a Masters and Ph.D. in public administration from Syracuse University. Eisenberg was formerly a Senior Economist with the National Association of Home Builders in Washington, D.C. He is a regularly featured guest on cable news programs, talk and public radio, writes a syndicated column and authors a daily 70 word commentary on the economy that is available at www.econ70.com.