MetroStudy Report - Baltimore, MD– January 19, 2012 - The Baltimore housing market stabilized during 2011 and suggesting improvement in 2012, according to a recent report by Metrostudy, a national housing data and consulting firm that maintains the most extensive primary database on residential construction in the US housing market.

The Baltimore MSA started 591 homes in 4Q2011, almost unchanged versus a year prior, while it closed over 800 homes, an increase of 8% compared to the prior year. “We continue to close more units then we start, effectively reducing new housing inventories and tightening up the local market.” said Wenhold.

Looking at the new single family and townhome numbers, the MSA has 6.0 months of supply, which is relatively tight. “Given the cycle time to start a new home, frame it, finish it and sell it, this is actually a bit below what it should be during a normalized market,” said Wenhold.

The gradual improvement of the new housing market is a direct result of a drop in resale inventories. As of June 2011, the resale market of Baltimore has a 6.9 month supply of listings, down from 10.0 months a year prior. “In 2011, there have been far fewer new listings added to the market than normal, while home sales have been increasing. This has allowed the market to consume the excess inventory, creating much more stabile and viable market conditions.” said Wenhold. “This reduced inventory creates opportunity for new housing communities, as buyers can no longer find what they are looking for in the existing home market.”

“Looking forward we hope to see the Baltimore existing home market continue to improve. We would then expect new housing starts and closings to begin a slow rebound in early 2012 as the local and national economy continues its slow recovery,” said Wenhold.

For information contact:
Kenneth Wenhold @ 703.961.1776
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