Baltimore Metro Area – May 2012 Housing Market Update
Rockville, MD – (June 11, 2012) – The following analysis of the Baltimore, MD Metro Area housing market has been prepared by RealEstate Business Intelligence (RBI), and is based on May 2012 MRIS listing data.
The Baltimore Metro Area housing market continues to see declining inventory and median sale prices that are trending upward. As the shrinking supply lingers, upward pressure on pricing should continue, as evidenced by the fourth consecutive year-over-year median sale price increase in May for the region. Rising demand is also driving up prices, as new contracts and closed sales continue to increase, following seasonal patterns. Notably, the condo market is picking up strength with seven consecutive year-over-year gains in closed sales, and a 21.5 percent increase in new contracts compared to May 2011. Current trends also point to a diminishing supply of foreclosures and short sales in the market, which now account for 17.1 percent of all active listings, the lowest percentage in two years.
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