Median sales prices fall, inventory declines for first time in two years
Rockville, MD – (October 12, 2015) – The following analysis of the Baltimore Metro Area housing market has been prepared by Elliot Eisenberg, Ph.D. of RealEstate Business Intelligence (RBI) and is based on September 2015 MRIS housing data.
The Baltimore Metro housing market enjoyed a strong start to the fall season, with closed and pending sales at their highest September levels in a least a decade and both exhibiting double-digit growth over the prior year. Median sales prices were down slightly, while median days on market inched up. For the first time in two years, inventory growth was negative, even though new listings rose.
There were 2,964 closed sales in September, an increase of 17.9% from September 2014, although down 10.7% from last month. The number of new contracts increased 24.4% from the prior year to 3,495. The overall median September sales price of $235,000 was down $9,700 or 4% from last year, and down $15,000 or 6% from last month. The median sales price for single-family detached declined 4.1% to $290,000, townhome prices remained unchanged at $175,000 and condos increased 2.5% to $205,000. Month-over-month prices were down 7.9% for single-family detached and 5.5% for townhomes, but up 8.0% for condos. Total sold dollar volume across the Baltimore Metro region in September was up 13.4% from last year to nearly $805 million.
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