January home sales in the Baltimore area
Home sales in the Baltimore metro area dropped 21 percent in January, which means 1,015 homes found buyers rather than the 1,288 of a year earlier.
Average prices dropped 10 percent, to about $266,000, according to the new numbers from multiple listing service Metropolitan Regional Information Systems. It was, Lorraine Mirabella reports in an online-only story this afternoon, "the biggest monthly drop in value in at least seven years."
The average seller got 12 percent less than his or her asking price.
On the upside for sellers, inventory is continuing to drop. There were about 17,600 homes on the market at the end of the month, compared with more than 18,000 in December and 20,000-plus earlier in '08.
On the downside, the unsold homes sitting on the market outnumbered sales 17 to 1 in January. But winter usually isn't a big home-buying season.
So you buyers and sellers out there: What are you seeing?
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Comments
Is the inventory dropping because people are pulling their house off the market? I would love to buy a condo downtown for a second place, timing seems perfect. But city taxes scare me!!!!!
Posted by: Pasadena Paul | February 10, 2009 7:09 PM
Hi, Pasadena Paul -- good question. The stats I see on MRIS's monthly release suggest the answer is yes: 1,015 sales, 3,494 new listings.
Posted by: Jamie Smith Hopkins | February 10, 2009 7:51 PM
I want to buy in Anne Arundel or Howard counties, but prices are still way too high especially when compared to historical norms. A lot of sellers (and realtors) seem to think the BRAC will magically inflate housing values. With the collapse of credit, I'm not convinced those coming in due to the BRAC have the income to afford that $270k townhome.
I'll take commuting from PA over being severely underwater later this year when the market faces reality and drops prices.
Posted by: BigDragon | February 10, 2009 10:04 PM
I agree - I am looking in the Perry Hall area nad while it seems that prices have remained flat besides forclosures and short sales prices still seem to high. The homes that are priced right sell quick but the other that are still on the market are way overpriced and have been on the MLS for Month's>
Posted by: Anonymous | February 11, 2009 8:20 AM
I have been looking in Anne Arundel as well. I have noticed that a lot of home have listed price reductions from the original list price. Some appear to be dramatic.
I still see however that the majority of sellers expect that they should get $500K for a 4 bed 2.5 bath house. We shall see but many homes have been on the market approaching 6 mos.
Posted by: TFlan | February 11, 2009 3:44 PM