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April 10, 2009

March home sales in the Baltimore metro area

By the numbers, according to Metropolitan Regional Information Systems:

The average home sale price in the Baltimore metro area last month was $278,511, a drop of 6.4 percent from a year earlier. (It's also more than the average two years ago -- about $306,600 -- but remains above the $258,900 average of March 2005.)

The number of home sales dropped 18 percent to 1,545.

What sellers got was just under 88 percent of what they'd asked for.

Unsold homes on the market: 18,321.

Lorraine Mirabella sums up the stats by jurisdiction in her web-only housing story:

Home sales fell as much as 27.7 percent in Harford County, where the average sales price was down 7.6 percent, and stayed relatively flat in Howard, where the average price dipped nearly 11 percent.

Sales were down 16.3 percent in Baltimore, where the average price fell 15.4 percent. In Baltimore County, sales fell 24.2 percent, with an average sales price decline of 5 percent. Sales declined 15.8 percent in Anne Arundel, and prices dipped 3 percent, while in Carroll, sales dropped 22.5 percent, and prices fell 9.5 percent.

See anything in the numbers you found particularly interesting? Got any buying or selling stories to tell? Comment away.

Posted by Jamie Smith Hopkins at 1:17 PM | | Comments (4)
Categories: Housing stats
        

Comments

1500+ home sales..18,000 unsold homes...sounds like nearly a 1 year supply! That is pretty high !!

If sellers are currently only getting 88% of their asking prices - why wouldn't they just raise their asking prices? We are at the bottom of this terrible once in the history of the world crisis acccording to Real Estate salesmen (that was a rough year and a half,I tell you). Luckily, Baltimore property is taking off this Spring!!! Good time to trade up and rent out places!

According to Bankrate.com, the average 30 yr. fixed interest rate in Maryland was 4.97% in March 2009. In March 2008, the average was 6.01%.

That is, the advertised average interest rate in March 2009 was 17.2% lower than it was in March 2008.

At the bottom?? Sounds like wishful thinking.

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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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