New-home sales tumble 17.21% in metropolitan area

Real Estate Watch

October 17, 1999

August new-home sales plummeted 17.21 percent in the Baltimore metropolitan area compared with August 1998, according to statistics released by the Meyers Group.

Sales of single-family homes were down 7.67 percent in August and townhouse sales plunged 31.3 percent. But condominium sales fell only 1.19 percent.

While the number of houses sold continued a slide that began in May, the average sales prices of single-family homes and townhouses were up 7.29 percent and 5.63 percent, respectively. However, condominium prices fell 4.65 percent.

The average price for a detached, single-family home was $246,942; townhouses were $128,507; and condominiums were $117,027.

"This is very much a seller's market," said Anna Pitheon, regional sales director for the Washington-based firm. "While net sales have gone down over the last several months, individual job sites report solid and even improved sales in the year-over-year performance."

Overall, year-to-date sales were down 5.3 percent from August of last year. But single-family home sales were up 4.16 percent.

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