Baltimore-area home sales up for 4th month
Home sales rose about 10 percent in the Baltimore metro area in September, compared with a year earlier. That's the fourth straight month of year-over-year gains. Industry players credit the credit -- the $8,000 one for first-time buyers -- and price drops, which make homes more affordable for more people.
Speaking of drops: Average prices fell 7 percent in the metro area vs. a year ago. That's the 16th straight month of declines. The average sale price was about $275,000, less than the average seller got in September 2005 but still more than the '04 average.
Pending deals -- contracts written last month -- jumped 32 percent year-over-year. Buyers hoping to get in by the Nov. 30 tax credit deadline, I presume?
Prices fell across the region, and sales rose everywhere except Baltimore. The city's number of home sales dropped 13 percent. (A few more local details in my quick home sales story here, or see the Metropolitan Regional Information Systems data here.)
What are you noticing out there, market watchers?
Comments
I am noticing that those who bought homes from 2002 to the peak used to happily sing out their home values. Now they scream them out.
Posted by: Darwin Rules | October 9, 2009 11:41 AM
Hey Darwin, sing? scream? the smart ones weren't trying to "flip" anyway, and can wait it out.
Posted by: lisa | October 9, 2009 3:03 PM
lisa, even the "smart" ones aren't an all inclusive group with no plan or expectation to move on (if not up) with their lives.
The average length of ownership has been less than 10 years for very long time with a 5-7 year cycle quite common in most of suburbia.
While "we" may be able to "absorb" a lack of growth or even a market value loss... 'we" is a very rare bird.
Posted by: MrRational | October 9, 2009 4:56 PM