Summing up the local housing situation
There weren't a lot of new condo sales elsewhere, either:
For the year, there were a total of just 48 net sales in the metro area, a reduction of more than 90% from 2007.Prices for new condos fell faster in the suburbs (down 12 percent) than in the city (down 3 percent).
On the other hand, the median condo resale price was up 4.5 percent in the city, as of November. Resale condo prices dropped 4.7 percent overall in the metro area, to just over $225,000, Delta says.
Here's Delta's prediction for the housing market:
We believe increased demand and a decline in construction will stabilize pricing, leading to an up-tick in sales activity, with improvement in market conditions appearing in 2010. ... Housing prices are more stable here compared to other areas, as Baltimore refrained from overbuilding during the boom.A number of real estate agents have said there was a form of overbuilding in some city neighborhoods -- lots of expensive rehabs -- but that might be more about price category than overall quantity.
Other details from the Delta report:
--The vacancy rate in so-called "class A" apartment buildings is stable at 4.6 percent in the Baltimore metro area, compared with 6.1 percent nationally.
--Average rent is about $1,360, up 1.3 percent from a year ago. It's up more than that in some parts of the metro area and down in others. Delta reports a 3 percent drop in rents in Fells Point and the Inner Harbor.