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Regional Spotlight: Recovery Continues in the Mid-Atlantic Real Estate Market

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RISMEDIA, August 19, 2010—RealEstate Business Intelligence (RBI), an MRIS company, just released its July 2010 statistics that shows stabilization in the Mid-Atlantic real estate market over the past three months. Data from the report suggests that the gradual recovery shown in the last two months has continued through July.

The average days on market remained unchanged at 76 days during June and July, a decrease of more than 24.5 percent compared to the same period in 2009. The total number of units sold increased 7.87 percent year-to-date (YTD) over last year, but has decreased 18 percent when comparing July 2010 to July 2009. While fewer homes sold in July 2010 than last July, the July 2010 sales took an average of 22 less days to sell than last year. (1)

“We are pleased to see that no ground has been lost since last month,” said Jonathan Hill, President of RBI. “Gains of 3 and 4.4 percent in median and average sales prices respectively, a decreasing listing inventory, and a 3.3 percent decline in new listings all indicate continued market stability and strength on a greater scale.”

The following areas showing recovery compared to the same period last year:

YTD Sales: (2)
– Year-to-date sales in Baltimore City have increased 14% compared to July 2009.
– District of Columbia YTD sales have increased by nearly 24.5% over last year.
– Princes George’s County, MD, which houses 15% of Maryland’s population, shows a 54% increase in YTD sales.

Average selling price: (2)
– Virginia sustained an increase of nearly $30,000 in average sales price (7.85%)
– Prices in the District of Columbia grew by 13.9%
– The average selling price across the MRIS region increased by 4.4% compared to July 2009

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).

Full reports on RBI market statistics for all jurisdictions in the MRIS region are available through the RBI website; http://www.rbintel.com/statistics. Or for more information, visit http://www.rbintel.com/.

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