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Report: Home Prices in Baltimore-Washington Area Stabilize

According to the latest market data on the Baltimore-Washington metro housing market, ""RealEstate Business Intelligence"":http://www.rbintel.com (RBI) reports that pricing patterns are stabilizing while sales activity continues to slump.

RBI is an MRIS company and a source of real estate data, analytics, and business intelligence for real estate professionals in the Mid-Atlantic region.

RBI's data reveals that the median home price in the Baltimore-Washington metro area has remained constant[IMAGE] [COLUMN_BREAK]

at $265,000, unchanged from October 2010 and 4.7 percent higher than $253,000 in November 2009.

However, home sales in November 2010 declined 23.8 percent from November 2009. Sales experienced a seasonal decline of 1.9 percent but well below the 15.7 percent seasonal average month-over-month decline of the past five years.

Properties' days on market increased by four days to 91 days last month as the listing discount, the percent difference between the listing price and contract price, decreased.

""We continue to remain in a period of relative constancy in terms of price and the level of sales activity as we leave a market influenced by the federal tax credit and enter the holiday season,"" said housing analyst Jonathan Miller in a statement from RBI.

Miller continued, ""We seem to be returning to a more seasonal pattern of housing, which we have not seen over the last two years due to the economic turmoil. The decline in activity we are seeing is much less than the season would suggest, which is an encouraging pattern of stability.""

About Author: Heather Cernoch


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