Maryland Market Report

The number of homes sold in November of 2011 in the Baltimore Metro region, was 1,626 which which is 15 more homes than in October 2011.

Approximately one out of every 4 homes sold in November 2011 was either a short sale or a bank-owned property (REO).

The number of properties under contract during the month of November 2011 in the Baltimore Metro area was 2,078 – slightly less than in October of this year (2,210) and about 10% more when compared to November of 2010.

Of the newly pending listings, 429 were maintained by short sale realtors and 316 were bank-owned. In total, about one third of all newly pending listings were distressed homes.

November 2011 also saw 2,500 new listings come on the market. Just a month earlier, 3,247 homes became active and 3,161 in November 2010. Of the newly active listings, 357 were short sales and 242 were REOs.

Together, short sale listings and bank-owned properties made up approximately 24% of all new homes available for sale. We can expect this trend to continue as more and more homeowners find themselves unable to maintain their mortgage payments and opt out to do a short sale or, unfortunately, simply walk away from their homes.

The average sold price in the Baltimore Metro during November 2011 was $259,355 – a very slight increase (1%) compared to previous year and October of this year.

Out of the six jurisdictions that make up the Baltimore Metro area, Baltimore County was the big winner in terms of closed units compared to previous year – an increase of 7 percent. Harford County, on the other hand, saw a decline of nearly 10 percent in the number of closed transactions compared to 2010.

Baltimore City inched closer to potential stabilization with a slight decrease (4%) in sales compared to last year and a nice jump (8%) compared to October 2011. Furthermore, Baltimore City saw its median sold price increase by almost 23% from November of last year and by over 13% from October 2011.

 

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The G-Team your Maryland Real Estate Connection: We are convenient to Fort Meade and provide Service to Anne Arundel, Howard, Queen Anne’s Counties and Central Maryland. Our team provides experience, integrity and solutions in short sales, pre-foreclosures, Reos, buyers and sellers. We offer free consultations on property value, home sales, home purchases and relocation.

 

Source: Short Sale My Home Maryland