It’s a good time to be in the selling business in the Washington D.C. and Baltimore metros. Although not alike in price point, the D.C. and Baltimore market shared similar trends last month, with rises in sales volumes, more closed sales and declining inventories, according to MRIS’s latest housing market updates.
While D.C. buyers were spared from year-over-year rising sales prices, those in Baltimore weren’t so lucky. Nonetheless, both metros featured highs for the month in closed and pending sales, as well as declining inventory and a waning in number of days on the market.
Baltimore market: rising home prices
In May, Baltimore Metro median sales price rose 4.8 percent year-over-year and 7.8 percent from April to reach $262,000. This is the highest May sales price since 2008.
In addition, sales volume is up 19 percent annually and 24.9 percent monthly. Sales volume reached $1.1 billion in May, pushed by the 15.1 percent rise in closed sales. With 3,715 closed sales across the Baltimore metro, May 2016 was the highest closed sales for the month in a decade and marked 22 consecutive months of growth. Pending sales in Baltimore Metro are also at 10-year peaks for the month of May.
In terms of inventory, new listings dropped 5 percent year-over-year to reach 5,757. Moreover, active listings declined by 10.4 percent, the largest drop since June 2013. May was the ninth month in a row of declining active listings in the Baltimore market, reaching 12,196 total.
Sellers received 95.5 percent of original list price in the Baltimore market, on average.
Homes are moving off the market more rapidly in Baltimore as compared to last year. The median dwindled to 26 days, down from 32 days on the market last year.
D.C. Metro sales volume skyrockets
Home prices in the D.C. Metro softened ever-so-slightly since May 2015, down 1.1 percent to reach $430,000. But compared to April of this year, price was up by $10,750 – or 2.6 percent – representing a rise in competition during the midst of the hot home buying season.
Sales volume in the D.C. Metro reached a massive $2.8 billion in May, 11.4 percent higher than last year and 19.3 percent higher than the month prior. In relation to a heavy month in sales volume, closed sales grew 12.3 percent year-over-year, representing a May high over the past decade and 18 consecutive months of increases. In another hot home buying indicator for D.C., new contracts went up 3.7 percent to reach 6,385 total in May.
Much like Baltimore, new inventory in D.C. has dropped. New listings are down 10.1 percent from last year, reaching 7,436. Active listings similarly dropped by 8.5 percent to hit a total of 11,072 homes on the market.
Sellers in D.C. received 98.3 percent of original list price at sale, faring slightly better than May 2015, when the average was 98.1 percent.
Homes are moving off the market in D.C. rapidly at 13 days on average and down a day from April. However, they are moving one day slower than in May 2015.
