Comparing Baltimore and Washington, DC Housing Trends
When being relocated to Maryland, prospective home buyers sometimes wish to compare the housing market in the Baltimore area with the housing market in the Metro Area of Washington, DC.
The following report was provided by RealEstate Business Intelligence for the use of real estate professionals and their clients. These charts show the October, 2014 housing statistics as well as the statistics for the previous month and the previous year.
It only takes a quick glance to see that the average cost of a home in the Baltimore area less than in the DC area. Many young professionals are moving to the Baltimore area even if they have to commute to the District of Columbia.
Prospective home buyers need to be very careful not to draw conclusions with regional statistics. The numbers may be quite different is specific communities that are of interest. We recommend the use of an exclusive buyer agent to provide the current local data that will facilitate smart decisions.
New contracts miss last year's mark by two percent, increase for non-distressed property contracts
The housing market trends in October in the Washington DC Metro Area were little changed from prior months. The number of closed sales in the region fell 2.8 percent from the October 2013 level, but the decline was driven entirely by a decrease in distressed property sales. Sales of distressed properties (foreclosures and short sales) have been decreasing since mid-2010 and declined 21.5 percent between October 2013 and October 2014. Non-distressed sales in October were actually unchanged from last year. New pending contracts also saw an overall decrease, but as with closed sales, the decline was largely the result of fewer contracts for distressed properties. New contracts for distressed properties were 16.2 percent below the October 2013 level, while those for non-distressed homes increased by 1.4 percent.
New contract activity hits highest October-level in nine years; REO listings and sales growth continues
The Baltimore Metro Area housing market had its highest year-over-year increase in closed sales since last fall, increasing 13.1 percent. Every jurisdiction in the region had more closed sales than in last October, with the largest increases in Baltimore City (+21.2 percent) and Carroll County (+21.1 percent). New pending contracts for the region also increased from last year, rising 16.6 percent. Bank-owned (REO) properties played a role in this growth as new contracts for REO listings more than doubled compared to last October. The median sales price for the region was virtually unchanged, rising only 0.3 percent, though pricing for non-distressed properties rose 4.3 percent. The number of active listings increased 20.9 percent, bringing inventory to 70.8 percent of its peak-level. New listings contributed to these gains, rising 11.7 percent from last year.
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