Study finds Mid-Atlantic housing market nearing normalcy

RealEstate Business Intelligence (RBI), an MRIS Inc. company, has 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 three 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 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 The District of Columbia sustained a $36,000 increase in average sales price (seven percent). Prices in Virginia increased by seven percent compared to August 2009. Average sales price in Baltimore County increased by $15,000 over last month. For more information, visit www.rbintel.com.