RISMEDIA, May 11, 2010—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 25 percent* more during the month of April than during the same time period last year. MRIS today released its April 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 moderate recovery in the residential real estate sector could potentially be fueled the government tax credit incentives on new home purchases. Days on market decreased by more than 26 percent* while average sales prices increased by nearly 4 percent*, with major metro areas showing higher increases. The majority of homes sold were priced between $200,000 and $350,000* offering three or more bedrooms.
“We are pleased to see signs of recovery within the Mid-Atlantic region,” said David Charron, President and CEO of MRIS. “Our monthly statistics reports will continue to measure the changes and developments during the summer selling season; we are then able to provide this critical information to real estate professionals.”
The following snapshot compares activities within MRIS’ service region to April 2009†:
Prince Georges County, MD
Continues to have the highest year-over-year (Y-O-Y) change in number of Units Sold (85.61%) from 424 units sold in 2009 to 787 units sold in 2010. The Median Sold Price dropped by a little over 17% (from $230,000 in 2009 to $190,000 this year) and the Average DOM dropped over 36% (from 151 last year to 96 this year).
Shenandoah County, VA
Had the second highest Y-O-Y change in number of Units Sold. This year, 43 units were sold compared to 24 last year for a % increase of over 79%. The Median Sold Price dropped by 6% (from 154,250 in 2009 to $145,000 this year). Average Days On Market (DOM) dropped nearly 16% from 169 last year to 142 this year.
Harford County, MD
Had the third highest year-over-year (Y-O-Y) change in number of Units Sold at nearly 79% (245 units in 2010 compared to 137 units in 2009). The Median Sold Price stayed nearly the same ($227,557 this year compared to $230,000 in 2009 for a drop of a little over 1%). Average Days on Market increased by 6.61% (129 this year compared to 121 in 2009).
Dorchester County, MD
Had the largest increase Y-O-Y in Average DOM at nearly 124% (from 113 in 2009 to 253 this year). However, the Y-O-Y change in Total Units Sold was increased by 75% from 16 last year to 28 this year. The Median Sold Price rose by just a bit over 4% from $130,250 in 2009 to $135,575 in 2010.
Manassas Park City, VA
Had the highest Y-O-Y increase in Median Sold Price, it nearly doubled over last year (from $105,950 in 2009 to $205,000 this year for a 93.49% increase). The number of Units Sold dropped by nearly 6% (from 34 last year to 32 this year) and the Average DOM dropped by nearly half (from 95 in 2009 to 51 this year for a -46.32% decrease).
Winchester City, VA
Had the second highest Y-O-Y increase in Median Sold Price with a nearly 55% increase (from $132,600 in 2009 to $205,000 this year). While the Total Units Sold dropped by 20% (from 25 units last year to 20 this year), the Average DOM also dropped by nearly 43% (from 124 in 2009 to 71 in 2010).
In the major cities of the MRIS region, as well as in some frequently asked about suburban areas, the picture remains consistent.
• Total dollar amount of home sales increased by more than 37 percent
• Total units sold increased by 24 percent
• Average sales price increased by 10 percent
District of Columbia
• Total dollar volume sold increased by 50 percent, though average sales price declined by nearly 4 percent
• Total units sold increased by more than 58 percent
• Average days on market decreased by 30 percent, from 92 days to 64 days
Falls Church, VA
• Average days on market dropped more than 73 percent, from 71 days to 19 days
• Average list price decreased by about 4 percent
• Average sales price remained nearly the same
Howard County, MD
• Total units sold increased by 23 percent
• Average days on market decreased by 35 percent, from 113 days to 73 days
• Average sales price remained nearly the same, though average list price decreased by 5 percent
Full reports on MRIS market statistics 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 Indicator – Higher Price Segment Format, Entire MRIS Region 4/1/2010 – 4/30/2010. RealEstate Business Intelligence, LLC. An MRIS Company.
†Source: Real Estate Trend Indicator – Higher Price Segment Format, individual reports by jurisdiction 4/1/2010 – 4/30/2010. RealEstate Business Intelligence, LLC. An MRIS Company.
For more information, visit www.mris.com.
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