Home sales in area up 27% in Jan. New confidence, low rates cited

February 21, 1993|By Ross Hetrick | Ross Hetrick,Staff Writer

Baltimore area home sales jumped 27 percent in January, sparked by continued low mortgage rates and a rebound in consumer confidence, according to the Greater Baltimore Board Realtors.

The surge was led by Baltimore City, where sales rose 42 percent to 305, from 214 during January 1992.

The spurt in activity is fueled by continuing low mortgage rates and a rebound in consumer confidence.

"There is a more positive attitude, particularly after the election," said Nancy C. Hubble, president-elect of the real estate organization and a partner and associate broker at W.H.C. Wilson & Co., a Roland Park real estate firm.

For the region, home sales increased to 1,209 in January, from 950 in the previous January. The dollar value of homes sold last month was up 33 percent to $155.1 million from $116.0 million a year ago.

In Baltimore City, the increase in the dollar value of homes sold last month was even more dramatic -- up 56 percent -- to $21.7 million from $13.8 million.

Mrs. Hubble said more people in Baltimore are moving up to more expensive homes but staying in the city.

"Baltimore still has some particularly fantastic buys," she said.

While sales in January are up, pending sales -- the number of sales contracts placed on homes -- dropped by 28 percent. But Mrs. Hubble said she doubts this will lead to lower sales in future months because of the pace of sales in February.

The figures are based on homes listed with the Central Maryland Multiple Listing Service, which includes Baltimore County, Carroll County, Harford County and Howard County.

*

County sales were:

* Baltimore County: Units sold, up 23 percent to 440 from 357; value up 32 percent to $59.6 million from $44.9 million.

* Carroll County: Units sold, up 8 percent to 101 from 93; value up 18 percent to $14.9 million from $13.9 million.

* Harford County: Units sold, up 22 percent to 134 from 109; value up 24 percent to $17.2 million from $13.9 million.

* Howard County: Units sold, up 38 percent to 191 from 138; value up 46 percent to $36.4 million from $24.8 million.

Baltimore Sun Articles
|
|
|
Please note the green-lined linked article text has been applied commercially without any involvement from our newsroom editors, reporters or any other editorial staff.