January home sales in the Baltimore area
Home sales in the Baltimore metro area dropped 21 percent in January, which means 1,015 homes found buyers rather than the 1,288 of a year earlier.
Average prices dropped 10 percent, to about $266,000, according to the new numbers from multiple listing service Metropolitan Regional Information Systems. It was, Lorraine Mirabella reports in an online-only story this afternoon, "the biggest monthly drop in value in at least seven years."
The average seller got 12 percent less than his or her asking price.
On the upside for sellers, inventory is continuing to drop. There were about 17,600 homes on the market at the end of the month, compared with more than 18,000 in December and 20,000-plus earlier in '08.
On the downside, the unsold homes sitting on the market outnumbered sales 17 to 1 in January. But winter usually isn't a big home-buying season.
So you buyers and sellers out there: What are you seeing?