New-home sales in region slipped 18.2% last year

Real Estate Watch

March 24, 2002

New-home sales in the Baltimore metropolitan area last year dipped to their lowest level in five years because of a slow economy and dwindling land availability, according to an annual survey from the Meyers Group, a Washington-based firm that analyzes new-home sales.

Last year's total sales volume slid 18.2 percent to 6,549 new contracts compared with 8,003 new contracts in 2000.

The survey found that sales grew year-over-year in Baltimore City and Carroll and Harford counties, but fewer lots and higher prices hampered activity in Anne Arundel, Baltimore and Howard counties.

The average price for a new single-family home in the Baltimore area last year was $282,177. By county, Howard had the highest average price at $392,130, followed by Anne Arundel ($379,720), Baltimore ($269,092), Carroll ($219,272) and Harford ($215,878).

The survey projected a rebound in new-home sales volume this year to 7,300 units.

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