Winter weather dampens buyer activity; Inventory gains across all property segments
The Baltimore Metro Area was off to an unusually cold and snowy start, likely affecting buyer activity in the region. Closed sales decreased 2.0 percent from last January driven by declines in single-family detached home and townhome sales. New contracts increased modestly from last year, rising 1.6 percent. Seller activity continues to improve and both active listings and new listings increased from January 2013. Active listings rose 6.0 percent from this time last year, led by active listings for single-family detached homes. Inventory has now risen from the prior year for four consecutive months. Even with this increase, supply remains tight and is only 49.3 percent of its 2008 peak level. New listings increased 3.7 percent from last year which is a milder increase than in prior months. The median sales price in the region increased 0.4 percent from last January, led by growth in condo properties and townhomes. While sellers are returning to the market, weather may dampen buyer activity in the remaining winter months.
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