May Mid-Atlantic Region Sales Show Upward Trend

ROCKVILLE, Md., June 10 /PRNewswire/ -- Metropolitan Regional Information Systems, Inc. (MRIS), a leading provider of real estate information technology and the largest multiple listing service in the nation, announced that the number of homes sold in the Mid-Atlantic region increased by 7 percent* during the month of May compared to April 2010. MRIS today released its May 2010 Residential Real Estate Market Statistics, a monthly report showing purchase activity and trends by jurisdiction, county and zip code within the Mid-Atlantic region.

Data from the report suggests that a move toward stabilization could be occurring in the residential real estate sector, despite the end of the government tax credit incentive on new home purchases, which ended on April 30, 2010. Average Days on Market (DOM) in May decreased by 6 percent over April, falling from an average of 83 days to an average of 78 days in the region. Average sold price increased nearly 3 percent compared to May 2009, after increasing by 4 percent in April. The majority of homes sold were priced between $200,000 and $350,000** offering three or more bedrooms, a continuation of the trend reported in April.

"MRIS actively monitors and analyzes purchase activity and trends each month to keep real estate professionals (and their customers) updated on the latest meaningful market trends. As the Mid-Atlantic region continues to show selective signs of a slow recovery (even without the tax credit incentive on new home purchases for first-time and upgrading buyers) we are cautiously encouraged that supply has not outpaced demand in the region as a whole," said John L. Heithaus, chief marketing officer of MRIS.

In the major cities of the MRIS region, as well as in some suburban areas, the report shows varied results compared to May 2009:

Baltimore Area***:

• Total units sold increased by 26%, and increased by 10% over last month
• Average sold price decreased by nearly 3%
• Days on market decreased by 20%

District of Columbia:

• Total dollar volume sold and total units sold both increased by 36%, but only increased slightly over last month
• Average sold price remained static
• Average DOM fell by 36%, from 91 days to 58 days

Shenandoah County, VA:

• Total units sold increased by 147%, and increased 9% over last month
• Average sold price declined by nearly 12%
• Average DOM dropped by more than 18%, from 167 to 136 days

Washington County, MD:

• Total units sold increased by 63%, and increased by 28% over last month
• Average sold price increased by 5%, but increased by 13% over last month
• Average DOM decreased by 5%, from 160 days to 152 days

Full reports on MRIS market statistics for all jurisdictions in the MRIS region are available through a self-service tool on the MRIS website; navigate through the News link to Market Statistics, www.mris.com.

*Source: Real Estate Trend Indictor – Higher Price Segment Format, Entire MRIS Region 5/1/2010 – 5/31/2010. RealEstate Business Intelligence, LLC, an MRIS Company.

**Source: Real Estate Trend Indictor – Higher Price Segment Format, individual reports by jurisdiction 5/1/2010 – 5/31/2010. RealEstate Business Intelligence, LLC, an MRIS Company.

***In MRIS reporting, "Baltimore Area" includes the Maryland counties of Anne Arundel, Carroll, Harford and Howard, and the city and county of Baltimore.

Metropolitan Regional Information Systems, Inc. (MRIS) is a leading provider of real estate information technology, and the largest multiple listing service in the nation. MRIS offers a portfolio of technology solutions, broker and agent software products and an industry-leading consumer portal, HomesDatabase.com. In addition, the CURE Solutions Group subsidiary of MRIS provides back-end technology to other MLS systems through CURE, a proprietary solution. 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. Visit www.mris.com. "Like" us on Facebook/MRISonFB, and follow us on Twitter, @MRIS_REal_News.

SOURCE Metropolitan Regional Information Systems, Inc.