Average home prices in the Baltimore metropolitan area rose nearly three percent in October from theyear before, but the total number and value of homes sold was down more than 30 percent, according to data released Friday.
The average sale price of a home in Baltimore City and Anne Arundel, Baltimore, Carroll, Harford, and Howard counties rose 2.7 percent to $315,765 in October from the same month last year, according to data released by Metropolitan Regional Information Systems, Inc., a multiple-listing service owned by 25 realtor associations across Maryland, Washington, D.C., and northern Virginia.
But the total number of units sold fell 31.74 percent, to 1,918 from 2,810, and the total sold volume of homes fell 29.84 percent. Homes also stayed on the market an average of 103 days, up more than 47 percent from 70 days last year.
The longer market time might be a result of more cautious buyers, said Tracy Gosson, president of Sagesse, Inc. and former executive director of Live Baltimore
“People are taking longer to go to closing,” she said. “There are people out looking but they haven’t listed their own home.”
Baltimore City and Howard County both saw higher than average gains in home price. In Baltimore City, the average sale price rose 9.51 percent to $188,830, and in Howard County, home prices rose 10.08 percent to $458,725. But both counties followed the regional trend, with 34 percent fewer units sold in the city and 33 percent in Howard.
Sellers in the region got just under 93 percent of their asking price, according to the data, down from just over 94 percent last year.
