August 2018 Housing Market Update: In both Washington D.C. and Baltimore Metro, prices set August records, but as more listings enter the market and sales show signs of slowing, inventory levels decline at the smallest rate of the last year.
The following analysis of the Washington, D.C. Metro and Baltimore Metro Area housing markets has been prepared by Elliot Eisenberg, Ph.D. of MarketStats by ShowingTime and is based on August 2018 Bright MLS housing data.
DC Metro Area – Overview
- The Washington D.C. Metro median sales price of $442,250, was up $12,250 or 2.8% from last year and at the highest August level of the decade.
- Sales volume across the DC Metro area was nearly $2.8 billion, up 4.1% from last year.
- There were 5,064 closed sales in August, down a slight 0.2% compared to last year.
- There were 4,747 new pending sales at the end of August, down 4.4% from last year.
- Compared to last August, new listings were up 3.0% to 6,071 compared to last year. This was the highest level of new August listings of the last decade.
- There were 9,681 active listings at the end of August, down 1.8% compared to last year. This is the 28th consecutive month of declines in year-over-year inventory levels, but it was the smallest year-over-year decline since last September.
- The average percent of original list price received at sale in August was 98.0%, up from last year’s 97.8%.
- The median days-on-market this month was 15 days, down three days from last year.
Baltimore Metro Area – Overview
- The Baltimore Metro area median sales price of $280,000 was a 5.7% or $15,000 increase from last year and was easily the highest August median sales price of the last 10 years.
- Sales volume of more than $1.25 billion was up 6.7% from last year.
- There were 3,872 closed sales in August, up 1.8% compared to last year and at the highest August level of the decade, while new pending sales of 3,771 were down 1.6% compared to last year.
- There were 5,286 new listings that came on the market in August, up 11.3% from last year, and the largest year-over-year increase since March of 2016.
- There were 10,442 active listings at the end of August, a 3.2% decline compared to last year. Year-over-year inventory levels have declined every month of the last three years, but this month’s decline was the smallest since early 2016.
- The average percentage of original list price received at sale in August was 96.2%, above last year’s 95.9% and at the highest August level of the decade.
- Median days-on-market of 22 days was down four days compared to last year and was at the lowest August level of the last 10 years.
About the DC Metro Housing Market Update
The DC Metro Area Housing Market Update provides unique insights into the state of the current housing market by measuring the number of new pending sales, trends by home characteristics, and key indicators through the most recent month compiled directly from Multiple Listing Service (MLS) data in ShowingTime’s proprietary database. The DC Metro Area housing market includes: Washington, D.C., Montgomery County and Prince George’s County in Maryland, and Alexandria City, Arlington County, Fairfax County, Fairfax City, and Falls Church City in Virginia. Data provided by MarketStats by ShowingTime, based on listing activity from Bright MLS.
About the Baltimore Metro Housing Market Update
The Baltimore Metro Area Housing Market Update provides unique insights into the state of the current housing market by measuring the number of new pending sales, trends by home characteristics, and key indicators through the most recent month compiled directly from Multiple Listing Service (MLS) data in ShowingTime’s proprietary database. The Baltimore Metro Area housing market includes the City of Baltimore, Anne Arundel County, Baltimore County, Carroll County, Harford County and Howard County in Maryland. Data provided by MarketStats by ShowingTime, based on listing activity from Bright MLS.
About Bright MLS
The Bright MLS real estate service area spans 40,000 square miles throughout the Mid-Atlantic region, including Delaware, Maryland, New Jersey, Pennsylvania, Virginia, Washington, D.C. and West Virginia. As a leading Multiple Listing Service (MLS), Bright serves approximately 85,000 real estate professionals who in turn serve over 20 million consumers. For more information, please visit www.brightmls.com.
About Elliot Eisenberg
Elliot Eisenberg, Ph.D. is the Chief Economist of GraphsandLaughs, LLC, a firm specializing in economic consulting and data analysis. He is a frequent speaker on topics including: economic forecasts, economic impact of industries such as homebuilding and tourism, consequences of government regulation, economic development and other current economic issues. Dr. Eisenberg earned a B.A. in economics with first class honors from McGill University in Montreal, as well as a Masters and Ph.D. in public administration from Syracuse University. Eisenberg was formerly a Senior Economist with the National Association of Home Builders in Washington, D.C. He is a regularly featured guest on cable news programs, talk and public radio, writes a syndicated column and authors a daily 70 word commentary on the economy that is available at www.econ70.com.
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