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June 2018 Housing Market Update
June 2018 Housing Market Update: Prices at or near all-time highs in Washington D.C. and Baltimore Metro areas. Inventories continue their unrelenting decline, days on market at or near record lows.
11 JULY 2018 Meghan Devine
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 June 2018 Bright MLS housing data.
DC Metro Area - Overview
The Washington D.C. Metro June median sales price rose to an all-time, record-setting $471,000, up 3.5% or $16,000 compared to last year and up 1.3% or $6,000 compared to last month.
Sales volume across the DC Metro area was more than $3.3 billion, down 2.8% from last year.
There were 5,889 closed sales of 5,889 in June, down 4.1% compared to last year, although they were up 3.0% compared to last month.
There were 7,346 new listings in June, down 5.8% compared to last year and down 11.8% from last month.
There were 9,805 active listings at the end of June, down 6.4% compared to last year, the 26th consecutive month of declines in year-over-year inventory levels.
The average percent of original list price received at sale in June was 99.0%, up from last year’s 98.5% and the same as last month.
The median days-on-market this month was 10 days, down two days from last year, but up one day from last month.
Baltimore Metro Area - Overview
The Baltimore Metro area median sales price rose to $285,000, a 2% increase of $5,600 from last year, and up 3.6% or $10,000 from last month. This was the highest June price of the last 10 years and nears the overall record of $289,900 seen in June 2007.
Sales volume of nearly $1.37 billion was down 5.4% from last year.
Closed sales of 4,230 were down 6.2% compared to last year but up 9.9% from last month.
New pending sales were up a slight 0.4% to 4,332, down 6.5% from last month.
There were 5,653 new listings in June, down 3.4% from last year and 10.2% from last month.
There were 10,136 active listings at the end of June, which was an 8.7% decline over last year. This is the 34th consecutive month of declining year-over-year inventory levels.
The average percentage of original list price received at sale in June was 97.4%, up significantly from last year’s 96.6% but down from last month’s record-setting 97.5%.
Median days-on-market of 15 days was down four days compared to last year and the same as last month. It was, by far, the lowest June 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.
Charles Chapman has more than 20 years' experience in the Montgomery County real estate market. He has been a full-time agent through rising markets and good times, and also through falling markets an....