Before, during and after the boom
When did the local housing market start booming, anyway? "Start of the decade" is the shorthand, but it wasn't until 2001 that sales started to really jump and 2002 when prices followed suit. (Sales peaked in 2005, also the last year that prices saw double-digit gains.)
Here, have a look:
These charts are courtesy of Metropolitan Regional Information Systems data and wonkish curiosity.
If I feel less sick later this weekend, I'll put up charts of all the local jurisdictions.
Change in sales, 2000-2005: up 40 percent
Change in sales, 2005-2007: down 29 percent (below '00 sales levels)
Change in average price, 2000-2005: up 86 percent
Change in average price, 2005-2007: up 7 percent
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Comments
Jamie, I was wondering if you could also compare Baltimore with DC, or CA if possible.
Posted by: Semiconscious | September 20, 2008 11:49 AM
MRIS does track Washington-area jurisdictions, but it doesn't have a "D.C. metro" choice. I can pull figures for the city.
I went to the California Association of Realtors site to see if it had comparable information -- and it apparently does, but lowly reporters cannot access it. (I wish it warned me before I took the time to create a log-in account.)
Posted by: Jamie Smith Hopkins | September 20, 2008 12:46 PM
I'm wondering about the MRIS average sold price, because according to www.housingtracker.net, the median asking price is already below 280K, and going down. The sold price is still flat?
Posted by: Semiconscious | September 20, 2008 2:15 PM
The figures on the charts above are annual, so they don't include 2008. (Prices have been falling in more recent months.) Also, I'm tracking the average here, not the median; the median tends to be lower.
Posted by: Jamie Smith Hopkins | September 20, 2008 2:53 PM
Thanks Jamie. What about inventories? or is there a breakdown of condo sales in Baltimore? I am really curious how empty all these new downtown condo complexes/highrses/lofts are.
Posted by: Richard | September 21, 2008 12:31 AM
There's no way to get at inventories with the year-end figures from MRIS, which only list sales. (I suppose I could tally up the inventory figures from each month in the 10 years, but you know -- even wonks have their limits.)
There is a category for "condo/coop/ground rent" deals -- they made up about a quarter of sales last year. But new condos won't necessarily be listed on the MLS and therefore won't show up as sales.
Posted by: Jamie Smith Hopkins | September 21, 2008 6:57 AM
On average homes double in value ever ten years. Your point is?
Baltimore-Towson Metro is one of the Top 10 highest salary increases per year - as stated by MSN/Careeerbuilder. There is a lot of postive news you don't report. Huh?
You confuse me. Mostly negative but the picture is positive. Aren't you a part of the corperate owned media that pushed the boom? Didn't you win an award for pushing the Baltimore boom?
What is going on here?
I think this is a great town with more going for it than it has had in decades. What is your opinion? Or can't that be disclosed because you are going for a new trophy?
What do you think H.L. Mencken would say of you?
Posted by: Dunn | September 23, 2008 3:37 PM
My point is nothing, Christian -- I thought charts of the area for the past 10 years would be of interest. Readers get to draw their own conclusions, and everyone is free to comment with other information that they think is useful.
I've said it before and I'll say it again: I didn't "push the boom," I reported on what was happening as best as I could, and that's what I'm doing now. I'm a bit busy with a daily story, in fact, so I'll leave my defense of myself at that.
Posted by: Jamie Smith Hopkins | September 23, 2008 3:43 PM