Baltimore Metro Area Housing Trends, January, 2015

Baltimore Metro Area Housing Trends, January, 2015

Baltimore Metro Overview

Foreclosure sales continue rising; Prices for non-distressed home sales jump 8.4 percent year-over-year

The Baltimore Metro housing market began the year well, with large increases in sales, prices, new contracts and inventories compared to January 2014.  Closed sales of 1,786 increased by 18.4% from January 2014.  Single-family detached median prices rose 7.6% to $285,250, condos rose 0.7% to $186,250, and townhomes experienced a substantial 26.9% increase in sales but a 15.9% decline in median price to $134,450. 

Inventories of 11,533 are up 15.9% compared to January 2014, with all categories experiencing year-over-year double-digit growth.  Inventories remain 2.1% below the five-year trend for this time of year, and 12.9% below the ten-year trend of 13,238.  Relatedly, median days on market are up to 65, increasing by 15 days compared to January 2014, but remain below the five-year January trend of 67 days and the ten-year trend of 70 days.  The number of new contracts increased 20.5% to 2,880 from January 2014, to their highest January level since 2006, which suggests improving closed sales leading into the prime spring buying season. - RealEstate Business Intelligence

Kentlands Photowalk + Imagination IMG 0577 A

Photograph by Roy Kelley

Roy and Dolores Kelley Photographs