Baltimore, MD Metro Area – October 2014 Housing Market Update

Baltimore, MD Metro Area – October 2014 Housing Market Update
Double-digit increase in closed sales
Median sales price decline for all property segments
Rockville, MD – (November 10, 2014) – The following analysis of the Baltimore, MD Metro Area housing market
has been prepared by RealEstate Business Intelligence (RBI) and GMU Center for Regional Analysis, and is based
on October 2014 MRIS housing data.
OVERVIEW
The Baltimore Metro Area housing market had its highest year-over-year increase in closed sales since last fall,
increasing 13.1 percent. Every jurisdiction in the region had more closed sales than in last October, with the
largest increases in Baltimore City (+21.2 percent) and Carroll County (+21.1 percent). New pending contracts
for the region also increased from last year, rising 16.6 percent. The median sales price for the region increased
by 0.3 percent, but this was driven by the composition of the sales, with single-family detached homes
accounting for a slightly larger share of total sales than last year. The median sales price for each property
segment was lower than in October 2013, but higher than in October of 2011 and 2012. The number of active
listings increased 20.9 percent, bringing inventory to 70.8 percent of its peak-level. New listings contributed to
these gains and rose 11.7 percent from last year.
RBI Key Housing Trend Metrics [Baltimore, MD Metro Area]
All Residential
Units Sold (Closed)
Median Sales Price (Closed)
Pending Sales (New)
Active Listings
New Listings
Median DOM (Closed)
Listing Discount (Average)
Avg SP to OLP Ratio
Oct-14
2,562
$239,000
3,113
14,293
4,526
50
7.0%
93.0%
% M-O-M
1.9%
-2.3%
10.8%
-1.2%
-3.5%
13.6%
Sep-14
2,514
$244,700
2,810
14,460
4,692
44
6.4%
93.7%
% Y-OY
13.1%
0.3%
16.6%
20.9%
11.7%
28.2%
Oct-13
2,266
$238,250
2,670
11,825
4,052
39
6.2%
93.8%
% Y-O5YAvg
27.8%
2.6%
25.2%
0.4%
20.4%
-13.4%
5 Yr Avg
2,005
$232,930
2,487
14,229
3,759
58
8.5%
91.5%
2014 RealEstate Business Intelligence, LLC. Data Source: MRIS. Statistics calculated 11/5/14
CLOSED SALES
Double-digit growth in closed sales; highest October-level in eight years. In October, the number of closed
sales increased 13.1 percent, or by 296 sales, to 2,562 sales. This is the third month of year-over-year gains and
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the highest October-total since 2006. All property segments had more sales than in last year. Single-family
detached home sales had the highest growth, rising by 19.5 percent, or by 230 sales, from last October. Closed
sales for townhomes increased 6.3 percent, or by 51 sales, from last year. The number of sales of condo
properties increased 5.4 percent or by 15 sales. As compared to last month, the number of sales increased 1.9
percent, which is a stronger increase than is typically seen between September and October, when closed sales
usually begin to slow. The 10-year average September to October change is -6.0 percent.
PRICES
Decrease in median sales price for all property segments. At $239,000, the median sales price for the region
increased 0.3 percent, or by $750, from last year. However, this increase was caused by a change in the
composition of sales, and every property segment had a decrease. The median sales price for townhomes
decreased 3.5 percent to $167,950 and had the sharpest decline. At $298,000, the median sales price for singlefamily detached homes decreased 2.6 percent, or by $8,000. The median sales price for condo properties
decreased 0.5 percent, or by $1,050, from last October.
Of the jurisdictions in the region, Baltimore County had the highest median sales price growth and increased 7.6
percent from last year. The median sales price increased in Carroll County (+7.5 percent) and Howard County
(+5.7 percent) from October 2013 and were the only other jurisdictions that had gains.
Median Sales Price by Jurisdiction [Baltimore, MD Metro Area]
Baltimore Metro
Howard County
Anne Arundel County
Carroll County
Harford County
Baltimore County
Baltimore City
2014
$239,000
$400,000
$295,000
$285,000
$225,000
$212,000
$99,825
October
2013
$238,250
$378,350
$316,450
$265,000
$231,250
$197,000
$115,000
YoY
+0.3%
+5.7%
-6.8%
+7.5%
-2.7%
+7.6%
-13.2%
Year to Date
2014
2013
$242,906
$243,000
$388,950
$387,000
$314,000
$309,900
$282,500
$280,000
$232,000
$234,000
$215,000
$210,000
$120,000
$126,400
YoY
-0.0%
+0.5%
+1.3%
+0.9%
-0.9%
+2.4%
-5.1%
2014 RealEstate Business Intelligence, LLC. Data Source: MRIS. Statistics calculated 11/5/2014
NEW CONTRACTS
Fifth consecutive month of year-over-year gains; highest October-level since 2005. There were 3,113 new
contracts signed in October, which is an increase of 16.6 percent, or 443 contracts, from last year. This is the
highest year-over-year growth since mid-2013 and the highest October-total in nine years. Townhomes led the
property segments in growth, rising 19.9 percent, or by 189 contracts, from last year. New contracts for singlefamily detached homes increased 15.1 percent, or by 216 contracts, from last October, while those for condo
properties increased 12.9 percent, or by 38 contracts. As compared to last month, new contracts increased 10.8
percent which is a sharper increase than the ten-year average September to October change of 3.1 percent.
INVENTORY
Highest October-level of active listings since 2011; double-digit increases in new listings for all segments. The
number of active listings increased 20.9 percent, or by 2,468 listings, from last year to 14,293 listings. This is the
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13th consecutive month of year-over-year increases with double-digit gains for the past eight months. Inventory
reached its highest October-total in three years and 70.8 percent of its 2008 peak. Among the property
segments, active listings of single-family detached homes continue to have the highest year-over-year growth. In
October, inventory of single-family detached homes increased 22.2 percent, or by 1,531 listings, from last year.
Inventory of condo properties increased 21.3 percent, or by 227 listings, from last year and inventory of
townhomes increased 18.3 percent or by 710 listings.
New listings also had a double-digit increase, rising 11.7 percent, or by 474 listings, from last year for a total of
4,526 listings. New listings have now increased from the prior year for 19 consecutive months and reached their
highest October-total since 2007. Condos led all property segments in growth, rising 20.2 percent, or by 74
listings, from last October. New listings for townhomes increased 10.9 percent, or by 166 listings, from last year.
Those for single-family detached homes increased 10.8 percent, or by 235 listings, as compared to last year. The
median days-on-market is 50 days. While this is 11 days more than last year, homes are selling more quickly
than the 10-year average October-level of 57 days.
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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.
About RealEstate Business Intelligence, LLC
RealEstate Business Intelligence, LLC (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. The full monthly data report for all jurisdictions in
the MRIS region, along with interactive 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 MRIS
Multiple Listing Service (MLS). Visit rbintel.com or www.facebook.com/rbintel to learn more.
About the Center for Regional Analysis at George Mason University
The Center for Regional Analysis conducts research and analytical studies on economic, fiscal, demographic, housing, and
social and policy issues related to the current and future growth of the Virginia, Maryland, and DC areas. Through its range
of research and programs — major economic impact studies, economic forecasts, fiscal analyses, conferences and seminars,
publications, information services, and data products — the Center’s activities strengthen decision-making by businesses,
governments, and institutions throughout the Greater Washington region. Visit http://cra.gmu.edu to learn more.
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Media Contact
Debbie Freer, MRIS Communications
301-838-4638
[email protected]
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