Mid-Atlantic Home Sales Increase 10 Percent

ROCKVILLE, Md., July 13 /PRNewswire/ -- RealEstate Business Intelligence (RBI), an MRIS, Inc, company, just announced that home sales in the Mid-Atlantic region increased by 10 percent in June compared to May 2010. "RBI examines relevant listing and purchase statistics to uncover the latest market trends," said Jonathan Hill, President of RBI. "Our latest research indicates that a slow move toward stabilization is heralding a housing recovery in this specific geographic focus. This and other relevant information will be shared with our 40,000 real estate professionals in the Mid-Atlantic region to empower their business efforts and decisions."

The June 2010 report also shows that since April, units sold in the area have increased more than 17 percent, signifying that the residential real estate market could have reached the bottom and is now stabilizing. Median sold price increased 7 percent compared to May 2010. Average Days on Market (DOM) remained relatively static, falling slightly from an average of 78 days to an average of 76 days in the region. The majority of homes sold offered three or more bedrooms, with a 30 percent increase over May in homes priced between $400,000 and $500,000. Though the total of new pending contracts decreased by 44 percent from April to May, pending contracts increased by 14 percent in June.*

In the major metro areas of the MRIS region, the report shows varied results compared to June 2009**:

Baltimore Area:

• Total units sold increased by 6% over last month, and increased by 8% over last year
• Median sold price increased by 8% over last month, after remaining static from April to May
• Average DOM decreased 5% over last month, and decreased 17% over June 2009

District of Columbia:

• Total dollar volume sold increased 20% over last month, and 18% over last year.
• Total units sold increased by 8 % over last month
• Median sold price increased just 2% over last month

Average DOM decreased by over 32% last year, but increased 13% over May, to an average of 66 days in the region.

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). This new data analytic company has had monthly reports appear in such publications as CNBC, Washington Post, Forbes and Bloomberg Businessweek.

Full reports on RBI market statistics for all jurisdictions in the MRIS region are available through the RBI website; http://www.rbintel.com/statistics. Contact Cassie Clancy at [email protected] if you would like more information.

*Source: Real Estate Trend Indictor – Higher Price Segment Format, Entire MRIS Region 6/1/2010 – 6/30/2010. 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.

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