Median sales prices fall slightly, inventories down for second straight month
Rockville, MD – (November 10, 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 October 2015 MRIS housing data.
OVERVIEW
The Baltimore Metro housing market experienced strong increases in sales and pending contracts, with both at decade-high levels and both also showing double-digit increases year-over-year. Median sales prices declined slightly. Inventory growth has declined for the second consecutive month, although buoyed up somewhat by the continuing rise in new listings.
There were 2,965 closed sales in October, a one-unit increase from last month, but up 15.7% from October 2014. The number of new contracts increased 15.5% from the prior year to 3,595. The overall median October sales price of $235,000 was unchanged from last month, but down $4,000 or 1.7% from last year. Compared to last year, the median sales price for single-family detached rose 0.6% to $299,900, townhome prices also rose 0.6% to $169,000, while condo prices slipped 0.7% to $197,500. Total sold dollar volume across the Baltimore Metro region in October was up 16.3% from last year to slightly more than $823 million.