The November market statistics for Baltimore City and Baltimore County from MRIS, as compared to same month last year, continue to show three trends:
Baltimore County Real Estate had 14% fewer listings come on the market in November, 23% more listings went under contract with 3,692 active listings-a 5 year low. Baltimore City Real Estate had 30% fewer listings come on the market in November, 12% more listings went under contract with 4,075 active listings-also a 5 year low.
This continues a seven month trend of decreasing inventory and increasing pending sales. Unfortunately, many properties that go under contract are not getting to the settlement table due to appraisal, buyer financing and unapproved or slow lender processing of short sales. So, in the County the settled sales gains are modest compared to last year (7% in November) and have slightly decreased in the City(-4%).
That said, all the trends would indicate that there is great interest in purchasing homes and that there will continue to be fewer homes to chose from which could set the stage for a favorable seller's market this spring.
So don't believe all the negative press you read and hear. If you want to buy, take a hard look at the inventory. Prices and interest rates are low. If you are thinking about selling, now may be the time to go to market with the least competition in 5 years. The market is still price-sensitive, so follow your real estate professional's guidance on pricing.
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Yerman Witman Gaines & Conklin Realty is one of six complementary business units that comprise The Strata Group, which is headquartered in Baltimore, and offers specialized products and services targeting the residential and commercial real estate sectors. Other divisions offer title and escrow, mortgage funding, law, financial and home sales marketing services and support.For additional information, visit www.ywgcrealty.com.