Mid-Atlantic Housing Market Continues to Show Signs of Recovery

MRIS Releases Mid-Year 2010 Trends in Housing Report

ROCKVILLE, Md.  (Profitable.com)  The Mid-Atlantic housing market continues to show signs of recovery in the second quarter of 2010 according to a new study from MRIS, a leading provider of real estate information technology and the largest multiple listing service in the nation. MRIS today released its Mid-Year 2010 Trends in Housing report, a joint publication of MRIS and Delta Associates.

The report presented several market indicators that have improved over previous quarters and years in the Greater Washington, D.C. region. These indicators include:

  • Unit sales volume in the second quarter of 2010 increased 60.6 percent compared to the first quarter of 2010, and was up 15.9 percent compared to the second quarter of 2009.
  • The average sales price in the second quarter of 2010 was 4.2 percent higher than in the second quarter of 2009.  This marks the third straight quarter that metro-wide prices have risen on a trailing 12-month basis.  
  • Time on market in the second quarter of 2010 averaged 56 days, down from 71 days in the first quarter of 2010 and 93 days in the second quarter of 2009.  This is the lowest time on market since 2006.
  • The Washington, D.C. metro area has an average of 4.5 months’ worth of inventory at the current sales pace, down from 5.1 months’ worth one year ago.

Keys to furthering the market’s recovery include local job growth, continued reduced levels of home building, and the condition of the home finance industry, including relatively low interest rates, according to the report.

“While the Mid-Atlantic housing market is not yet performing at the robust levels of 2005, it is clearly showing some important signs of recovery that are crucial to reestablishing a stable housing market,” said David Charron, CEO of MRIS.

The Trends in Housing Report is published quarterly and provides data and analysis on the housing market, the regional economy, the commercial real estate market, the apartment market and the condominium market in the Mid-Atlantic region. In addition, this quarter’s report includes a spotlight on the City of Baltimore and Loudoun County, VA.

Metropolitan Regional Information Systems, Inc. (MRIS) is a leading provider of real estate information technology, and the largest multiple listing service in the nation. MRIS offers a portfolio of technology solutions, broker and agent software products and an industry-leading consumer portal, HomesDatabase.com. In addition, MRIS provides back-end technology to other MLS systems through CURE, a proprietary solution. MRIS serves more than 48,000 real estate professionals spanning the Mid-Atlantic region, including Maryland, Virginia, Washington DC and parts of Pennsylvania, Delaware and West Virginia. Visit www.mris.com.

Delta Associates is the research affiliate of Transwestern, is a firm of experienced professionals offering consulting and data services to the real estate industry for 30 years.  The firm’s practice is organized in four related areas:  (1) consulting, research and advisory services; (2) valuation services; (3) distressed asset recovery services; and (4) subscription data for select metro regions. Visit www.DeltaAssociates.com.