Metropolitan Regional Information Systems in conjunction with Delta Associates has issued its 2009 year end report for the Baltimore and Washington Metro areas with the prediction that the Washington area market is “in the early phases of the recovery cycle” and that the Baltimore Metro shows a “mixed result”.
The Washington metro area includes the district and surrounding counties in Virginia and Maryland including Montgomery and Prince George counties in Maryland and Alexandria, Arlington and Falls Church in Virginia.
Some highlights of the Washington area report are:
Prices are showing signs of a moderate recovery with 4th quarter prices in the metro area up from the same quarter in 2008.
The days on market numbers continue to decline compared with both last quarter and a year ago!
The ratio of inventory to sales continues to decline in most jurisdictions from a year ago. The market absorption rate now stands at an amazing 5.3 months of inventory which signals a shift of demand outpacing supply!
The Baltimore metro area which includes Baltimore City and surrounding suburbs, although showing some signs of recovery, is not quite as far along as the Washington Metro area appears to be.
Baltimore City, in particular, is still struggling. Prices fell 12.3% in the 4th quarter of 2009 from the previous quarter and dropped 13.3% lower than a year ago at the same time.
The Northern suburbs in comparison, posted a price decline of only 3.0% from the 3rd quarter and prices were down 7.5% from one year ago. The average sales price in the Northern suburbs for the 4th quarter is $265,740.00.
The Southern suburbs posted a decrease of 3.9% in the 4th quarter. Prices are down 7.5% from the 4th quarter of 2008, the same level of annual decline as the Northern suburbs. The average sales price in the Southern suburbs in the 4th quarter is $357,383.