Decline in active listings mildest in over two years; Double-digit growth for new listings for the sixth straight month
Activity in the Baltimore Region continues to be steady and strong as we enter fall. Sales and pending contracts increased in September as compared to this time last year. Inventory continues to decline, but as in prior months, the pace of the decline is slowing. Median sales prices reached their highest September-level in five years, likely as a result of strong demand and tight supply. Condo and townhome properties led the growth in both closed sales and median prices. There was a 21.9 percent increase in new listings from this time last year.
“Favorable market conditions continue to cause new sellers to enter the market,” said Jonathan Hill, President of RealEstate Business Intelligence. “This is the sixth consecutive month with double-digit percent increases in new listing activity compared to 2012.” Homes are selling quickly; the median days-on-market was 35 days in September, which is the lowest September-level since the peak of the housing boom in 2005. Federal uncertainty may play a stronger role over the coming months as the impact of the Federal Shutdown and debt ceiling are felt.
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