October home sales decreased 5 percent Adjustment seen in market

January 10, 1991|By Liz Atwood | Liz Atwood,Evening Sun Staff

Home sales in the Baltimore area dropped 5 percent during October compared with the same month in 1989.

According to a study released by Rufus S. Lusk & Son Inc., single-family-house sales declined from 3,494 in October 1989 to tTC 3,316 in October 1990. Condominium sales in the same period dropped from 490 to 452.

Because home sales were strong in the first quarter, the total number of homes sold during the first 10 months of 1990 was 31,965 -- down only 1 percent compared with the same period in in 1989. Condominium sales during the period dropped 5 percent.

The median sale price for a single family house in the Baltimore area during October rose 3 percent, from $115,700 in 1989 to $119,150 in 1990. Condominium prices increased 13 percent, from $92,250 in 1989 to $103,800 in 1990.

"We continue to be in a market that is going through a major adjustment," said Rufus S. Lusk 3rd, president of the Silver Spring real estate information company. "This market, in particular, is especially favorable for the first-time home buyer who doesn't have to worry about selling, and the trade-up purchaser who realistically prices his or her current home."

But he said those who speculate in real estate can no longer expect quick profits.

The statistics reflect sales recorded in local courthouses in Baltimore City and Anne Arundel, Baltimore, Carroll, Harford and Howard counties.

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