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May 26, 2009

A useful way to look at home sales

Average and median home sale prices are all well and good, but what the typical homeowner really wants to know is, "Could I sell for more than I bought?" Neither the average nor the median price will necessarily answer that.

Analyze same-home sales, on the other hand, and you're getting somewhere.

That's just what The Washington Post has done for D.C.-area jurisdictions, including two that the Baltimore area claims, Anne Arundel and Howard counties. The newspaper found that only 38 percent of home sellers who bought in 2000 or later made a profit in the first three months of this year, vs. almost everyone who sold in 2005.

You can see the graphic here and the story here.

It's not a simple matter to compare same-home sales over an entire metro area, but you can do it with data culled from jurisdictions. Analyzing this for the Baltimore area has been on my to-do list for a while, but a couple of things interceded. The financial meltdown, first of all. Then a baby. (Not that I'm complaining about the baby. She's wonderful.) I'm hoping to make some progress on this to-do item once I'm back at work.

You can help me out: If you've sold a home this year, let me know how it compared with the price you bought it for.

Posted by Jamie Smith Hopkins at 1:50 PM | | Comments (1)
Categories: Housing stats
        

Comments

Bought in 2004 for 160 sold for 220 last month - did some upgrades over the years but I've done about 15K in upgrades. Foreclosure and short sales are what is driving down the median home price

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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.
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