June 2011 RBI Pending Home Sales Index (tm)
Baltimore Metro Area Sees Highest Contract Signings for June in 4 Years
Buyers and Sellers Signed 2,585 Contracts in June - Most Since 2007 - Though Market Saw 5.3% Month-over-Month Seasonal Decline in New Pending Sales. Median Sales Price Increased 6.1% Month-over-Month to $235,500 but Remained 5..8% Below Last Year's Level.
Rockville, MD - July 11, 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 June 2011 RBI Pending Home Sales Index (TM) released today.
Overview:
New pending sales activity slipped 5.3% to 2,585 from May to June 2011, consistent wi the 3.4% decline averaged over the same period in the prior decade. However, the June 2011 total represented the most signed contracts for June in 4 years. The 30.8% jump from the June 2010 pending sales total of 1,977 reflected the sharp decline in contract activity immediately following the April 2010 expiration of the federal homebuyer tax credit and not a recent surge in contract activity. Median sales price seasonally increased for the third consecutive month, reaching $235,500 in June but remained 5.8% below $250,000 in the same month last year.
KEY TRENDS:
Most new contracts signed during the month of June since 2007. There were 2,585 new pending sales in June 2011, below levels signed over the previous three months.
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When you Hire Robert McArtor with Long and Foster Real Estate, Inc. He will:
· Provide you with a comparative market analysis (CMA) or broker price opinion (BPO).
· Help you set an appropriate listing price for your home, market the home, and get it sold.
· Put special language in the MLS that indicates your home in Maryland is a short sale and that lender approval is needed (all MLSs permit, and some now require, that the short-sale status be disclosed to potential buyers).
· Ease the process of working with your lender or lenders.
· Negotiate the contract with the buyers.
· Help you put together the short-sale package in Maryland to send to your lender (or lenders, if you have more than one mortgage) for approval. You can't sell your home without your lender and any other lien holders agreeing to the sale and releasing the lien so that the buyers can get clear title.
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