While housing prices in the Baltimore area continue to rise, according to data compiled by Metropolitan Regional Information Systems, the number of homes sold in the area in July dipped by 23 percent from last year.
And the average number of days a house stays on the market before it is sold increased by 20 days, from 35 days in July 2005 to 55 days in July 2006.
According to those in the industry, recent numbers show a housing market returning to “normal” after record boom years that could not be sustained.
The information compiled by Metropolitan Regional Information Systems includes data from Baltimore, Anne Arundel, Carroll, Harford and Howard counties and Baltimore City.
“It is not normal to list and sell a house in two weeks,” said Neil Sweren, president of Allymac Mortgage in Owings Mills. “In a normal market, it takes 60 to 90 days to sell a house. We missed that over the years because things went crazy. From what I’ve seen we?re in a very normal real estate market. I think the market is still healthy.”
The Market in Detail
» July 1999
Total Units Sold: 3,509
Average Sale Price: $159,493
Average Days on the Market: 109
» July 2000
Total Units Sold: 2,930
Average Sale Price: $160,784
Average Days on the Market: 80
» July 2001
Total Units Sold: 3,596
Average Sale Price: $175,978
Average Days on the Market: 71
» July 2002
Total Units Sold: 3,498
Average Sale Price: $190,579
Average Days on the Market: 58
» July 2003
Total Units Sold: 3,982
Average Sale Price: $225,172
Average Days on the Market: 44
» July 2004
Total Units Sold: 4,234
Average Sale Price: $259,577
Average Days on the Market: 37
» July 2005
Total Units Sold: 4,362
Average Sale Price: $311,093
Average Days on the Market: 35
» July 2006
Total Units Sold: 3,333
Average Sale Price: $329,855
Average Days on the Market: 55
