DC Metro Market Impacted by Conforming Loan Limit Change in October
Posted on November 10, 2011 by Corey Hart
Nov

10

2011

Pending Sales Up from Last Year, but Median Sales Price Dips

Rockville, MD –(November 10, 2011) – 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 October 2011 RBI Pending Home Sales Index™ released today.

 

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OVERVIEW

October 2011 contract activity in the Washington, D.C. metro area outpaced seasonal patterns, attaining a level that was 18.6% higher than the 5-year October average. There were 4,125 new contracts written in October 2011, 10.4% ahead of the September 2011 total of 3,829. For the past 10 years, new contract activity has averaged a 4.3% increase from September to October.

 

The median sale price of $320,025 was 5.9% lower than October 2010. This, combined with the marked 23.3% month-over-month decrease in new listings, can partially be attributed to the lower jumbo mortgage limits which took effect October 1. There is evidence that the lowered jumbo mortgage limits may have kept potential high-end sellers out of the market and decreased the number of buyers willing or able to go after the higher priced home segment. New listings were down over 13.2% compared to October 2010 and down 20.3% from the 5-year October average. The attached home segment (townhouses, condos and coops) saw only a slight dip of 1.7% in median sales price year-over-year, with a $285,000 level in October 2011. This is consistent with the fact that the majority of jumbo mortgages are associated with detached properties.

 

 

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DC Metro Area, market analysis, press release
Baltimore Metro Contract Activity Up in October, but Prices Slide
Posted on November 10, 2011 by Corey Hart
Nov

10

2011

 

Conforming Loan Limit Reduction Impacts High-End Market Segment

 

Rockville, MD –(November 10, 2011) – The following analysis of the Baltimore, Maryland, Metro Area housing market has been prepared by RealEstate Business Intelligence (RBI), and is based on the October 2011 RBI Pending Home Sales Index™ released today.

View PDF version of this release

 

OVERVIEW

There were 2,210 new pending sales in the Baltimore metro area for the month of October, 20.2% more than the same month last year, but the median sales price fell 8.2% compared to October 2010, marking the tenth straight month of year-over-year declines.  The reduced conforming loan limits, effective October 1, appear to have had a negative impact on higher priced home sales with the number of homes sold above $600,000 falling 45.3% from September. Home sales below $600,000, on the other hand, saw an 11.7% decline in sales. The drop-off in settlements for higher priced homes had a negative impact on the median sale price for October and is something to keep an eye on in the months ahead. 

 

 

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Baltimore Metro Area, market analysis, press release
Baltimore Metro Area September Contract Activity Highest in Four Years
Posted on October 10, 2011 by Corey Hart
Oct

10

2011

Sales Volume Beats Last Year’s Levels with Modest Increases

Rockville, MD – (October 10, 2011) – The following analysis of the Baltimore, Maryland, metro area housing market has been prepared by RealEstate Business Intelligence (RBI), and is based on the September 2011 RBI Pending Home Sales Index™ released today.

 

View PDF version of this press release

OVERVIEW

September 2011 home sales in the Baltimore metro area edged out the September 2010 totals by the thinnest of margins. September sales this year of $513 million were a 0.7% increase over September 2010 sales of $509 million. And total units sold this September of 1,873 were 1.35% higher than the 1,848 units sold in September 2010.  However, new contacts written in September 2011 were 2,022, ahead of September 2010 by 11.9% and ahead of the last five year September average by 3.4%.

For the rest of 2011, year over year comparisons will continue to see the impact of last year’s tax credit.  The tax credit incentive moved sales ahead of the seasonal buying cycle and sales which would have otherwise occurred in Q3 and Q4, were incented to go under contract by April 30, 2010 to receive the credit.

 

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Baltimore Metro Area, press release
DC Metro Sold Prices Highest in September in Four Years
Posted on October 10, 2011 by Corey Hart
Oct

10

2011

Pending Sales Activity Follows Expected Seasonal Trends

Rockville, MD –(October 10, 2011) – 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 September 2011 RBI Pending Home Sales Index™ released today.

 

View PDF version of this press release

OVERVIEW

Home sales in the Washington, D.C. metro area headed into the slower fall market losing some momentum as expected following the end of Washington’s seasonal summer peaks. There were 3,829 new contacts written in September 2011 beating September 2010 by 12.4% and 11.7% ahead of the five year September average. The total September contracts were 8.2% less than the 4,169 contracts signed in August 2011, consistent with the decrease in seasonal activity.  At $338,000, the median sales price for September 2011 showed some resilience as it was the highest September level since 2008.

 

 

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DC Metro Area, market analysis, press release
DC Metro Summer Season Ends With Most Active August Market in Four Years
Posted on September 12, 2011 by Corey Hart
Sep

12

2011

Pending Sales Activity During Month Showed Seasonal Trends

 

Rockville, MD – (September 12, 2011) – The following analysis of the Washington, D.C. Metro Area housing market has been prepared by housing market expert Jonathan Miller of Miller Samuel, based on the August 2011 RBI Pending Home Sales Index™ released today:

View PDF version of this press release

 

OVERVIEW

The summer home sales season in the Washington, D.C. metro area market finished with the highest number of signed contracts for August in four years.   There were 4,169 contracts signed in August 2011, 8.6% less than the 4,563 contracts signed in July, but consistent with seasonal trends.  New pending sales were 19.9% above the August 2010 level but that increase is exaggerated due to the dearth of activity in the months following the expiration of the federal homebuyers tax credit in April 2010.   The median sales price for August 2011 showed a similar seasonal pattern, declining 3.8% to $356,000 from $370,000 in July 2011 but was essentially unchanged from August 2010. 

 

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DC Metro Area, market analysis, press release

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