The existing home market in the Baltimore, Md., area was basically flat in September, with both sales and prices rising by the thinnest of margins.
The number of contracts signed in the Baltimore metro area totaled 1,873 in September, a 12% gain compared to the same month a year ago, according to the RBI Pending Home Sales Index, a two-year "moving window" on the market prepared by a subsidiary of the local multiple listing service.
In other key market data: Sales prices were mixed, with the average for detached properties rising a scant 0.74%, from $347,005 in September 2010 to $349,568, while the average for attached units – townhouses and condominium apartments – dipped 8.3%, from $190,463 to $174,590.
Time on the market was up 10% from August, when it took an average of 111 days to sell a property. In September, sellers had to wait an average of 122 days before a buyer actually signed a contract.
Also, 3,234 new listings were added to the inventory in September, the fewest in 10 years. And as a result, the total number of active listings – 16,016 – was 13.4% below the five-year September average.
