New condominium sales in Baltimore remained stagnant in the second quarter of 2017, according to a new report.
Delta Associates Inc., Transwestern’s Washington-based commercial real estate analysis subsidiary, released a report that only 19 new condos sold in the Baltimore metro market in the second quarter. But that is an improvement compared to the previous quarter, when there were negative 10 net sales (cancellations of previous sales outnumbered new ones), and compared to the 13 units sold in the second quarter of 2017.
One positive note for the property sector is that the condo market in Baltimore has historically been so soft that there’s not much in the way of new supply coming online. In June, only 159 new units were being marketed; in all of 2016 only 62 new units were delivered and only 35 started construction. There are no units expected to begin construction in 2017, and there are no units expected to be delivered this year as well.
“Obsolete office buildings in downtown Baltimore are potential candidates for conversion to condo units, as well as a number of boutique apartment buildings in the city that could convert to condo as well,” according to the report. “However, until the price spread between a condo and single-family homes (especially row homes in Baltimore City) widens, single-family homes will have an advantage over condos.”
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