MRIS Trends in Housing
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Trends in Housing is a joint publication of MRIS and Delta Associates. This report provides a regular in-depth look at the statistics and issues that shape the Mid-Atlantic housing market. |
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Mid-Year 2010
The Washington area housing market is in the recovery cycle, ahead of the rest of the nation:
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Prices continue to show signs of recovery: 2nd quarter prices in the metro are up from the 1st quarter and from the same quarter in 2009, with the Outer jurisdictions (Loudoun, Prince William and Frederick Counties) outperforming the Core and Inner jurisdictions. Prices will likely gain traction through the remainder of 2010 facilitating further increases in transaction volume. This is the third consecutive quarter prices have risen on a trailing 12-month basis, representing the first increases seen since the 4th quarter of 2007.
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Days on market continue to decline compared to both last quarter and a year ago. Properties in the Outer jurisdictions have experienced the sharpest recovery, but across the region, time on market is very close to or below the region’s long-term average. Time on market is the lowest since 2006.
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The ratio of inventory to sales continues to decline in most jurisdictions from one year ago. The metro-wide ratio of 4.5 months’ worth of listings is below the normal, healthy standard of 6 months, signaling that demand is beginning to outpace supply.
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The gap between buyer and seller pricing expectation is closing, with the average sales price in the 2nd quarter of 2010 at 95.2% of list price, the highest ratio in more than two years.
To view and/or download the current report in an Adobe Acrobat PDF file, click here.
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