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.

Here's a chart comparing the YTD median sales price in DC Metro and surrounding counties YTD vs. the same period last year.  Every suburban county in Virginia is up so far, it'll be interesting to see how the first quarter finishes.

Product plug: These YTD numbers were all pulled via existing rbiEXPERT reports and the Quarterly numbers to be pulled next month will be as well - Test drive rbiEXPERT to find YTD figures for your ZIP code!

*County is part of DC Metro aggregate