Asking prices continue to slip
The asking price for the median home on the market in the Baltimore area -- meaning the unsold homes, not the sold ones -- was $299,000 on Monday, down a few hundred from the week before and down $26,000 from a year ago, according to HousingTracker.net.
The site lists prices back to April of 2006, and at that point the median price was just under $345,000.
The good news? Like Metropolitan Regional Information Systems' November numbers, the HousingTracker figures show the inventory of unsold homes falling. The HousingTracker numbers suggest the inventory is back to June levels.
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Comments
Take this with a grain of salt. Many people are taking their houses off of the market because they are not selling. Also, this is historically the hardest time of the year to sell a house...
Posted by: Kevin B | December 12, 2007 9:58 AM
All these "median" numbers need to be taken with a grain of salt. They are highly influenced by the type of houses selling/on the market. The toughest sector of the market seems to be the $400k - $600k range, price ranges which exert tremendous upward pressure on the median numbers. Fewer homes above the median selling and on the market mean the median falls. Homes below the median could theoretically be appreciating even with a decreasing median.
Posted by: Mitch | December 12, 2007 2:49 PM
Good point, Mitch -- which is why I should have noted in the post that the 25th-percentile asking price (the lower end, in other words) is showing the same trend. It's down about 10 percent from a year ago.
The drying up of subprime and no-money-down loans could have something to do with that.
Posted by: Jamie Smith Hopkins | December 12, 2007 3:28 PM