Baltimore Metro Area - Seasonal Increase in Signed Contracts in May
Posted on June 10, 2011 by Corey Hart
Jun

10

2011

May Pending Sales Show Seasonal 0.7% Rise From April; 53.7% Year-Over-Year Surge Reflects Last Year’s Lull After Tax Credit Deadline. Median Sales Price Rises Higher At Second Slowest Rate Year-To-Date In Decade

Rockville, MD –(June 10, 2011) – The following analysis of the Baltimore Metro Area housing market has been prepared by housing market expert Jonathan Miller of Miller Samuel, based on the May 2011 RBI Pending Home Sales Index™ released today:

 

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OVERVIEW:

Buyers and sellers signed 2,731 contracts in the month of May, 0.7% more than in April and 53.7% more than during the same month last year.  The month-over-month increase in newly signed contracts was consistent with seasonal trends but the year-over-year spike was an anomaly as a result of last year’s 48.7% April to May drop in pending sales after the April 30 federal homebuyers tax credit-related contract signing deadline expired.  While the median sales price increased 3.2% to $221,950 in May 2011 from the prior month, it remained 5.1% below the median sales price of $234,000 in the same month last year.  Median sales has edged 5.7% higher since January, the second lowest rate of increase in a decade.

 

 

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Baltimore Metro Area, press release
Washington, DC Metro Area – Most Contracts Signed In May Since 2005
Posted on June 10, 2011 by Corey Hart
Jun

10

2011

May Pending Sales Show Seasonal 6.5% Rise From April;  43.1% Year-Over-Year Surge Reflects Last Year’s Lull After Tax Credit Deadline. Median Sales Price Rises 5.9% To Last Summer’s Levels

Rockville, MD –(June 10, 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 May 2011 RBI Pending Home Sales Index™ released today:

 

View PDF version of this press release

 

OVERVIEW

There were 5,506 new purchase contracts signed in May 2011, 6.5% more than the 5,170 total in the prior month and 43.1% more than the 3,849 total during the same month last year.  However, the year-over-year jump in new pending sales overstates the consistent improvement in the Washington, D.C. metro area housing market.  In May of 2010 the contract signing deadline for the federal homebuyers tax credit had just expired and pending sales had fallen sharply because they had been “stimulated” to higher levels in the preceding months.  Median sales price continues to show seasonal stability, rising 5.9% in May 2011 to $353,606 – 5.9% higher than April 2011 and 3.5% higher than May 2010.

 

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DC Metro Area, press release
Baltimore Metro Contract Activity in April Falls Short of Prior Month’s Jump
Posted on May 10, 2011 by Corey Hart
May

10

2011

Pending Sales 5.1% Below March Jump; 21.8% Below Prior Year Tax Credit Fueled Surge, Median Sales Price Declines 6.5% Year-Over-Year

Rockville, MD –(May 10, 2011) – The following analysis of the Baltimore Metro Area housing market has been prepared by housing market expert Jonathan Miller of Miller Samuel, based on the April 2011 RBI Pending Home Sales Index™ released today:

 

 

OVERVIEW: There were 2,712 signed contracts in the Baltimore metro area for the month of April, 21.8% below the tax credit-fueled surge of 3,466 in the same month last year in the waning moments of the federal stimulus program and 5.1% below the 2,857 total of the prior month.  April pending sales did not keep pace with March pending sales largely due to last month’s release of pent-up demand from the lull in activity in the second half of 2010 caused by the expiration of the tax credit last spring.  The April 2011 median sales price was $215,000, 6.5% less than $230,000 in April 2010 but 7.5% above $200,000 in the prior month.  The first four months of 2011 resulted in the four lowest monthly median sales prices for the region since January 2005.

 

 

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Baltimore Metro Area, market analysis, press release
April Signed Contracts in DC Metro Second Highest Since 2006, But Fall Short of March Burst
Posted on May 10, 2011 by Corey Hart
May

10

2011

Pending Sales 15.9% Below Prior Year Tax Credit Fueled Surge; 4.8% Below March Rush. Median Sales Price Essentially Unchanged Year-Over-Year

Rockville, MD –(May 10, 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 April 2011 RBI Pending Home Sales Index™ released today:

 

 

OVERVIEW

April buyers and sellers in the Washington, D.C. metro area signed 5,170 purchase contracts, the second highest April since 2006.  The total was second only to the April 2010 surge in activity related to the final days of the federal homebuyer tax credit.  Pending sales in April fell to 5,170, 4.8% short of the heavy volume reached in March, partly a result of last month’s release of pent-up demand accumulated during the post-tax credit expiration lull in the second half of 2010.  The April 2011 median sales price was $334,000, nominally below $335,000 reached in same month last year and 4.4% above $320,000 in March.  The month over month increase was consistent with seasonal patterns.

 

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DC Metro Area, market analysis, press release
Baltimore Metro Area Contract Activity Surged Ahead of Weak Prices
Posted on April 11, 2011 by Corey Hart
Apr

11

2011

March Signed Contracts Jump 33.1% Over February; Median Sales Price Down 11.1% Year‐Over‐Year, Lowest Since April 2004

 

Rockville, MD – (April 11, 2011) – The following analysis of the Baltimore Metro Area housing market has been prepared by housing market expert Jonathan Miller, based on the March 2011 RBI Pending Home Sales Index™ released today:

 

OVERVIEW:

The number of signed contracts surged 33.1% month‐over‐month to 2,857, the highest March total since 2007 and the third consecutive monthly increase. Despite the rise in pending contract activity, median sales price fell for the 5th consecutive month declining to $200,000, 11.1% below the March 2010 result and the lowest since April 2004. The region is still feeling the impact of the expiration of the federal homebuyers tax credit last April that was followed by a sharp decline in sales activity through the end of 2010 helping to push values lower.

 

 

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Baltimore Metro Area, market analysis, press release

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