Closed sales and new pending sales up 17% and 13% respectively; Prices up slightly, led by townhomes
Rockville, MD – (September 10, 2015) – The following analysis of the Baltimore Metro Area housing market has been prepared by Elliot Eisenberg, Ph.D. of RealEstate Business Intelligence (RBI) and is based on August 2015 MRIS housing data.
OVERVIEW
The Baltimore Metro housing market enjoyed strong sales in August, with double-digit increases in sales and pending contracts and slight growth in inventory levels and new listings. Although single-family detached and condo median sales prices fell slightly, the increase in townhomes more than compensated, leading to an overall 2% increase in median sales prices in the region.
Closed sales of 3,318 increased by 17.0% from August 2014, although down 8.4% from last month. New contracts increased 12.9% to 3,552 and are at their highest August level in a decade. The median August sales price of $250,000 was up $5,000 from last year. The median sales price for single-family detached declined 0.9% to $315,000, while townhome prices rose 2.9% to $185,200 and condos decreased 0.1% to $189,750. Total sold dollar volume across the Baltimore Metro region in August was nearly $960 million, up 17.2% percent from last year, although down 10.7% from last month. Inventories increased by 1.1% to 14,093 total active listings.