Buyers are snapping up homes in the Baltimore metropolitan region seemingly faster than Realtors can get the signs in the ground.

With February statistics for existing-home sales showing a 21 percent increase over the same month last year, area Realtors are reaping the benefits of a robust market, but are increasingly wary that dwindling inventories are squeezing the market.

"The balance of inventory is out of whack," said Marc Witman, president of the Greater Baltimore Board of Realtors.

"You've got more buyers than sellers in some of these neighborhoods -- not all neighborhoods -- but I'm hopeful that as we come into spring, the inventory will come more into balance."

The number of homes on the market has dropped significantly since Baltimore's buying spree began in the summer of 1997.

For example, the number of listings in Baltimore County in February 1997 was 5,464. In February 1998 it was 4,938. Last month, there were 4,277 active listings on the market, a drop of 21.7 percent from two years ago.

In Howard County, there were 2,197 homes on the market in February 1997. In 1998 it dropped to 1,798, and last month the inventory was down to 1,303, a 40.7 percent drop in two years.

"Very limited," said Barbara Hickman, an agent with the Phoenix office of Coldwell Banker Grempler Realty Inc., of the number of homes to offer buyers. "That's what a lot of agents are complaining about."

Said Witman: "It is not a fun place for real estate agents to be, because there is tremendous pressure to pounce on [a home] as soon as it comes [on the market]."

Every jurisdiction, except Carroll County, which dropped 11 percent, continued to show sales gains, led by Harford County with a 41 percent increase. Baltimore rose 27 percent, Baltimore County jumped 35 percent, Howard was up 16 percent and Anne Arundel increased by 4.5 percent over February 1998.

"I attribute it to such good weather. Good weather, good interest rates," said Hickman.

"A couple of Februarys ago we couldn't do anything because we couldn't get out."

The continued strength of the market even "amazed" Witman, who said he thought February's gains would be more modest.

When taking into account that pending contracts for the month were almost 16 percent higher than the same period last year, Baltimore's buying surge should continue into the traditional spring market.

"These are very solid numbers," said Witman, "and remember that you are comparing numbers to a very strong year before."

Pub Date: 3/11/99