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February 15, 2008

2007 in the rear-view mirror

As you know if you're a wonk, the year-end figures we've reported about price and sales in the Baltimore metro area from Metropolitan Regional Information Systems have been preliminary, calculated by The Sun by tallying the monthly reports. MRIS releases the official, revised numbers in mid-February.

Well, mid-February is now. The Rockville company has put online its year-end summaries of local jurisdictions and the region as a whole. Click HERE to check them out. Some highlights:

--Average prices in the Baltimore metro area rose 2.3 percent to about $316,900. That's very close to the preliminary figure.

--Sales fell almost 18 percent, also a minor change.

--Median price (impossible to calculate from the monthly reports) was $273,000, up almost 2 percent.

--Reported average days on market rose from 60 to 92.

--Average sellers got 94 percent of their list price, vs. not quite 96 percent a year earlier.

At a more local level ...

--All jurisdictions in the Baltimore area managed a gain in average price besides Anne Arundel, down half a percent. Baltimore's 6 percent increase was the biggest.

--Baltimore also saw the largest drop in sales, just over 20 percent. The smallest was Howard's at almost 15 percent.

Wait a minute, you say: Isn't there a story in the paper today that says prices in the Baltimore metro area fell? Yes indeed. But that's in the last three months of 2007, which was worse from a seller's point of view than earlier in the year.

Posted by Jamie Smith Hopkins at 9:15 AM | | Comments (0)
        

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About Jamie Smith Hopkins
Jamie Smith Hopkins, a Baltimore Sun reporter since 1999, writes about the regional economy. Her reporting on the housing market has won national and local awards. Hopkins is a Columbia native and has lived in Maryland all her life, save for 10 months spent covering schools in Ames, Iowa.
She trained to become a wonk by spending large chunks of time as a geek and an insufferable know-it-all.
Baltimore Sun articles by Jamie
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