New listings down to lowest point on record for month of September
Hey, would-be homebuyers -- if it feels like there's less to choose from these days, it's not your imagination.
The number of homes on the market in the Baltimore region last month is still high compared with the pace of sales, enough supply to last about eight-and-a-half months. But listings are down 16 percent from a year earlier, according to statistics from Metropolitan Regional Information Systems.
And perhaps more significantly for buyers, new listings were down 23 percent to the lowest level for the month of September since MRIS began tracking the area in 1998.
Just over 3,200 homes were newly on the market in September, compared with almost 4,200 last September, 6,000 in September 2005 -- right before the overheated market began to show signs of slowdown -- and about 3,500 in September 1999, the previous low.
Buyers frequently complain that a not insignificant number of homes on the market aren't really on the market because the asking prices aren't anywhere close to realistic. So here's a question for lookers and lookyloos: Does it feel as much like a buyer's market as the low sales figures and dropping prices suggest? Are you happy with your options?