For sale: fewer homes
About 10 percent fewer homes were for sale in the Baltimore metro area last month than a year earlier. So says real estate brokerage ZipRealty in a new analysis of data on the multiple-listing service.
That's the direction you want things going if you're rooting for a market where the number of homes and interested buyers are more or less equal.
Not-so-good news: Most of the metro areas ZipRealty tracked in September saw bigger drops.
The company looked at 26 large regions, from Austin to Washington, and said inventory decreased more than 10 percent in all but seven. The number of homes for sale is down by 33 percent -- a full third -- in D.C. And Los Angeles has less than half the inventory now that it did a year ago.
UPDATE: Several readers have suggested making it clear that we're talking about homes listed for sale, as opposed to homes that people would really like to sell but haven't listed or have actually pulled off the market. Seems to me it's not truly for sale if you're not telling anyone about it, but no question there's shadow inventory out there.
Another notable stat from ZipRealty's analysis: The average listing in the Baltimore metro area has had two price reductions. I couldn't find an online link to the inventory report, but the price information is here.