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.

New Foreclosed Listings at Lowest Level since March 2008

Rockville, MD –(March 12, 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 February 2012 RBI Pending Home Sales Index™ released today.

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OVERVIEW

The 2,507 homes sold in the Washington, D.C. Metro Area represent the highest February total since 2007. Inventory levels continue to decline with the 9,823 active listings to end the month representing the lowest supply of homes since August 2005. With 368 active foreclosures representing only 3.7% of the active market (the lowest level since July 2008) and the fewest new foreclosures entering the market since March 2008, pricing continues to stabilize with median sales price up 6.0% over February 2011 levels.