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New condo prices increase by 1 percent in Baltimore

New condominium prices in Baltimore increased by 1 percent during the third quarter of 2011, but they dropped by nearly 6 percent in the metropolitan area, a report released Monday shows.

Between July and September of this year, the Baltimore metro area recorded 99 new condo sales, less than the 155 sold during the corresponding quarter in 2010, a drop of 36 percent, the report by the private statistical group Delta Associates said.

The average price of a new condo in Baltimore city increased by 1 percent, over the past quarter, the Delta report stated. In the metro area, there is an unsold stock of 1,315 unsold units — which totals three years worth of inventory at current asking prices.

Concessions on the asking price in the city averaged 3.1 percent in the third quarter.

The quarterly report also concluded that the average price of a condo in the Baltimore metro area is $230 per square foot. That figure is higher in Baltimore, where the price averaged $325 per square foot, the report said.

The report cited several condo developments in the metro area that have sold out in recent years, including some in areas that have been affected by an influx of new jobs under BRAC. Those developments include Monmouth Meadows, a 121-unit townhouse project in Abingdon near Aberdeen Proving Ground that sold out in August, and Elkridge Crossing, a 24-unit mid-rise townhouse development near the Baltimore County-Howard County border, that sold out in June.

In the Washington metro area, there are 2,950 new condo units actively being marketed, well below the 8,833 being actively marketed in the third quarter of 2008. New condo prices were down 3.3 percent over a 12-month period ending in September 2011.