More families in the Baltimore region were trying to sell homes in July than any month since November 2011, but sales did not keep pace, according to a report published Monday.
With 13,856 homes on the market, the number of active listings was up 22.5 percent in July compared to the same time last year, according to monthly data provided by RealEstate Business Intelligence, a subsidiary of the MRIS multiple listing service.
About 4,897 of the listings were new, representing the 16th consecutive month of year-over-year gains in new listing activity.
But the number of July sales in Baltimore City and the five surrounding counties dipped 2 percent year-over-year, falling by 61 sales to 2,945.
“It’s kind of a mismatch,” said David Orso, an Anne Arundel-based real estate agent with the David Orso Group of Century 21 New Millenium. “Buyers are still looking for a perfect house for a perfect price.”
RBI’s analysis of the Baltimore metro area housing market found July's performance “mixed.” Pending sales jumped 9.6 percent year-over-year to 3,422 last month and the relatively high sales volume last July also lessens the significance of the dip in closed deals this year, said Corey Hart, a senior product manager for RBI.
But the median sales price for the region was $256,000, down 3 percent compared to last year.
Increasing inventory places less upward pressure on prices, Hart said.
“It’s still a balanced market, but that’s giving buyers more choices, which can lead to a flattening out of prices,” he said.
In Anne Arundel County, the median sales price rose less than 1 percent to $325,000. In Baltimore City, the median sales price fell 9.1 percent to $135,000. In Baltimore County, it fell less than 1 percent to $227,750. In Carroll County, it rose 3.5 percent to $295,000. In Harford County, it fell 5.1 percent to $232,316 and in Howard County it rose less than one percent to $418,000.
The median days on market for the region was 34 days last month, eight more days than July 2013, according to the report.Copyright © 2014, The Baltimore Sun