Home prices up for smaller single-family homes?
It might be a statistical quirk, but the average price for small single-family houses in the Baltimore metro area -- two bedrooms or less -- jumped more than 20 percent in October.
This October: about $227,000. Last October: about $187,000.
Metropolitan Regional Information Systems, which runs the region's multiple-listing service, tracks the change in average price by a variety of home types, and everything else is down year-over-year. But there seems to be a trend of single-family house prices holding up better -- at least on average -- than everything else.
Consider townhouses and rowhouses:
Condos -- or, more precisely, condos, coops and properties with ground rent -- dropped 9 percent on average, to $165,000.
Three-bedroom single-family houses, meanwhile, saw a small drop in average price, down under 2 percent to $265,000. Houses with four or more bedrooms also dropped less than 2 percent, to an average price of $429,000.
So what's driving the difference? I suppose if distress sales made up a bigger share of condos and attached homes that sold in October than houses, that would mean a bigger downward effect on prices. (Statistically speaking, that is -- I don't have the foreclosure and short sale breakout by home type, so I don't know if that's actually happening.) But it could simply be buyer preference at work. (We discussed similar trends back in July.)