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Regional Spotlight: April Home Sales Increased in Mid-Atlantic Region, Report Indicates

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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.

Baltimore City
• 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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