Year-over-Year Gains in Closed Sales and New Contracts
The following analysis of the Baltimore Metro Area housing market has been prepared by RealEstate Business Intelligence (RBI), and is based on the March 2012 RBI Pending Home Sales Index™ released today.
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OVERVIEW
The Baltimore Metro Area housing market continued to show signs of improvement in March, with a second consecutive month of year-over-year gains in median sale price and the level of new foreclosures listed less than half the level of one year ago. Townhome properties saw the largest year-over-year increase in pricing, while detached properties and condo/co-ops experienced more modest increases in median sale price. The $210,000 median sale price for the first quarter was 2.4% higher than Q1 2011. There is solid balance between supply and demand to end the month, with 6.6 months supply of inventory.