Condos lead in sales, new contracts, and price gains
The Baltimore Metro housing market has experienced considerable improvement this past year. Most indicators point to a healthier market going into 2013, and the trend continues in December with year-over-year growth in sales, new pending contracts, and the median sale price. The most striking aspect of the 2012 market has been the diminishing supply of homes for sale. Active listings continue to plunge, and have fallen below 10,000 for the first time since February 2006. This pattern appears to be slowly changing, as new contracts have been hovering around the 2011 level for the past 5 months. The condo market continues to see the most growth activity, and leads in year-over-year gains in sales, new contracts, and median sale price. As we continue through the winter season, it is unlikely that a dramatic surge of new listings will enter the market. This should keep upward pressure on prices as long as buyers remain active. If the inventory becomes too low, many buyers might decide to wait it out until more options become available, which could bring prices down in the near term.