Housing Market Climbing Back Toward Stability in Mid-Atlantic Region
RBI Releases August 2010 Residential Real Estate Market Statistics
ROCKVILLE, Md., Sept. 14 /PRNewswire/ -- RealEstate Business Intelligence (RBI), an MRIS, Inc. company, just released its August 2010 statistics that show another month of continued stabilization in the Mid-Atlantic real estate market. Data from the report suggests that home prices and days on market are experiencing positive changes as the summer selling season nears its close.
Homes spent an average of 16.5 percent fewer days on market compared to August 2009, dropping from 97 days to 81 days. The average sold price increased by more than 3 percent over the same period in 2009. While fewer homes sold in August 2010 than August 2009 – decreasing by 11 percent year-to-date –more homes were sold in August 2010 than the previous month.
"Recuperation is slowly underway in the Mid-Atlantic region's housing market," said Jonathan Hill, President of RBI. "New contracts increased while new listings declined from last month. These factors, combined with an increase in average sold price and a decrease in average days on market over the same period last year, point to increased solidity in the housing market."
The following areas show recovery in August 2010 compared to August 2009:
Year-to-Date (YTD) Sales:(1)
- YTD sales in the District of Columbia have increased nearly 17.5 percent over last year.
- Prince George's County YTD sales have increased by 44 percent over last year, after also increasing during July.
- Baltimore City showed an increase of 10 percent in sales compared to August 2009.
Average Selling Price:(2)
- The District of Columbia sustained a $36,000 increase in average sales price (7 percent).
- Prices in Virginia increased by 7 percent compared to August 2009
- Average sales price in Baltimore County increased by $15,000 over last month
RealEstate Business Intelligence (RBI), an MRIS subsidiary, provides MRIS with all its statistical reports and is the only company in the region that provides timely, online access to statistical information directly from the Multiple Listing Service (MLS).
Full reports on RBI market statistics for all jurisdictions in the MRIS region are available through the RBI website; http://www.rbintel.com/statistics. Please contact Cassie Clancy at [email protected] for more information or to speak with Jonathan Hill.
(1) Source: Real Estate Trend Indicator – Higher Price Segment Format, individual reports by jurisdiction 8/1/2010 – 8/31/2010. RealEstate Business Intelligence, LLC, an MRIS Company.
(2) Source: Residential Statistics Summary for Month Ending: 8/31/2010. RealEstate Business Intelligence, LLC, an MRIS Company.
RealEstate Business Intelligence, LLC (RBI) is a wholly owned subsidiary of Metropolitan Regional Information Systems, Inc. (MRIS). RBI is a primary source of real estate data, analytics and business intelligence for real estate professionals with business interests in the Mid-Atlantic region. MRIS serves more than 40,000 real estate professionals spanning the Mid-Atlantic region, including Maryland, Virginia, Washington, D.C. and parts of Pennsylvania, Delaware and West Virginia.
SOURCE RealEstate Business Intelligence
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