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April 12, 2009

The market for new condos in the Baltimore area

Asking prices for new condos in the Baltimore metro area were down 10 percent in the first three months of the year vs. the same period a year earlier, according to real estate information provider Delta Associates. The company's new report on the new-condo market says asking prices dropped most in Baltimore's northern suburbs (more than 16 percent) and least in the city (4.8 percent).

Some of the more eye-popping factoids:

--At the pace things are moving right now, the northern suburbs have enough new condos for sale to last buyers through 2022, according to Delta.

--In Baltimore City, contract cancellations in the first three months of the year outnumbered sales. (The same thing happened in Washington's Fairfax/Falls Church area.)

Delta addresses these supply vs. demand issues in the report:

The inventory of condos in the Baltimore metro area is still too high compared to sales velocity, and as a result, more projects have been removed from the pipeline, and this trend will likely continue over the period ahead.
Posted by Jamie Smith Hopkins at 1:09 PM | | Comments (1)
Categories: Housing stats, New developments


How is the market looking for existing condos? I'm especially interested in Rockland Run, I know they got some really bad press a while back.

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About Jamie Smith Hopkins
Jamie Smith Hopkins, a Baltimore Sun reporter since 1999, writes about the regional economy. Her reporting on the housing market has won national and local awards. Hopkins is a Columbia native and has lived in Maryland all her life, save for 10 months spent covering schools in Ames, Iowa.
She trained to become a wonk by spending large chunks of time as a geek and an insufferable know-it-all.
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