It's all relative
Economists and Realtors often point out that our housing market isn't the hardest hit by the downturn, and inevitably California and Florida get mentioned as the "could be worse" examples. Prices are falling faster in communities there.
But frustrated local sellers who think it's the worst of times now have something they can point to, too: Home sales in Maryland fell faster than in any other state from January-March 2007 to January-March of this year.
You can see the numbers from the National Association of Realtors HERE, look at the NAR's press release HERE or read the story I wrote about the data HERE.
In the fourth quarter of last year, Maryland's sales decline was seventh-biggest in the nation.
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Comments
Theories of relativity ;)
Baltimore's price rise occurred later than other areas so our price decline will (or should?) occur later as well.
However many houses sell during a given period some relatively inelastic raw number of them will occur regardless of market conditions. Job transfers, estates, etc.
Of the houses that are selling now that are NOT based on that inelastic demand, how many are based on a sellers cash need (avoiding foreclosure, etc)?
I'd be inclined to say most.*
Native Baltimorean's tend to be a pretty frugal and conservative bunch. Most of us with choices are sitting tight because we have that choice and there are just too many other uncertainties out there.
* Your next project Jamie is to analyze the recent sales to see how many properties were recently purchased or refinanced (within 2-3 years?) and how many were LONG held implying an estate situation. Game?
Posted by: MrRational | May 14, 2008 3:48 PM
Just remember what is tied to supply and demand...PRICES! Watch as prices tank for the next few years here in Maryland. Wake up sellers...
Posted by: Kevin | May 14, 2008 3:58 PM
MrRational -- I certainly will look into how many properties for sale were purchased or refinanced in the last several years once I can get the time (which might not be for several months, alas). Good idea.
Kevin -- thought you'd be interested to see that a real estate broker I quoted in the story connected the sales drop to the lack of big price drops.
Posted by: Jamie Smith Hopkins | May 14, 2008 4:39 PM