Housing market in Mid-Atlantic on the rise

Families looking for a place to relocate to might want to keep a close eye on the Baltimore and Washington, D.C. areas.

That region saw a 60.6 percent surge in home sales in the second quarter, reported Metropolitan Regional Informational Systems. Sales are also up 15.9 percent when compared to the second quarter of 2009, and the average year-over-year sales price was 4.2 percent higher in Q2 2010. Homes that are for sale spent an average of 56 days on the market from April to June, down significantly from the first quarter's average of 71 days. For-sale properties have not spent such little time on the market since 2006, said MRIS.

"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," said the company's CEO, David Charron.

The most encouraging sign of all could be that the Washington, D.C. area currently has an average of four and a half months worth of new home inventory, according to the report. Housing expert Ken Winans of Winans International said that in the past, strong real estate markets begin when new housing inventory falls below five months.


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