Market activity slows with the season, however indicators are stronger than last year; Price growth flattens, despite shrinking inventory

OVERVIEW

The Baltimore Metro housing market remains stronger than last year, but a seasonal slow-down is taking place throughout the region.  Sales numbers declined from last month, with the sharpest drop occurring in the single-family home segment.  Condo sales, on the other hand rose, which could be due to their lower price points.  Proportionally, condo sales continue to grain traction within the market, which could suggest a change in location preferences in the active buyer market. 

Active listings shrink, drop below 12,000 for only the 2^nd time since 2006

OVERVIEW

The Baltimore Metro housing market continues to exhibit signs of strength compared with last year.  Both sales and new contracts had double-digit growth from August 2011.  The median sale price for the metro area also rose from last year albeit slightly.  If demand persists into the fall, the shrinking inventory of homes for sale will continue to play a major role in the market.  Currently, the low supply of active listings is putting upward pressure on prices, decreasing days-on-market (down 17 days from last year), and increasing the average sale-to-list price ratio (up 3.5 points from last year).  Many people are likely keeping their homes off the market due to continued economic uncertainty, preferring to wait it out.