Baltimore-area new condos: Lots to go around
Delta Associates, a real estate information and consulting firm, counts 2,586 unsold units -- enough to last six-and-a-half years at the current pace of sales. And that's not all:
In addition, there are 1,111 units planned with probable sales within the next 36 months. There are an additional 3,200 units in the long-term pipeline in the Baltimore metro area, as well as 6,100 multifamily units planned as either condominiums or rental units.But it could be worse, or rather it has been: "The inventory-to-sales ratio of condos in the Baltimore metro area has dropped significantly over the past six months," Delta notes.
All told, builders recorded 32 net sales in the Baltimore metro area during the summer, Delta said. The "net" is important -- it accounts for the negative effect of buyers canceling contracts.
Prices in September fell about 7 percent vs. a year earlier across the metro area. The decline is less in the city -- about 5 percent -- and more than 10 percent in the northern suburbs, Delta said.