The housing-bust hit to houses, townhouses, condos
Source: Maryland Department of Planning
Sales of all types of homes have really plummeted in the state since the peak days, as you can see from this new Maryland Department of Planning chart. The number of single-family homes didn't just drop well below its 2002 level, for instance, but also below the 2002 level for townhouses -- which had accounted for about half as many sales as detached homes that year.
Here's how the decline by housing type breaks down:
Measured from the peak in 2005, townhouse sales dropped the fastest, according to the planning department -- almost 68 percent.
The pace of decline in single-family home sales was a bit slower, at 63 percent. But because this housing type accounts for the largest piece of the market, the change in sheer numbers is pretty dramatic: from just over 70,000 in 2005 to under 26,000 four years later.
The drop in condo sales, at 62 percent, was close on the heels of detached housing.
The planning department is measuring all arms-length sales, not only those on the multiple-listing service. You can find its full report here. And if you really like data, you can peruse the agency's Excel files of home sale figures by housing type, including average and median prices, down to a ZIP code level.
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Comments
Was talking with renowned real estate agent to the underwatered, Greg Northrep the other day. He claims sales data doesn't matter at all. It is ALWAYS a good time to buy!! Remember how low interest rates are today (don't worry about high prices). With the stock market surging, food prices going higher, gas going through the roof - housing prices will be sure to follow. Right!?!? Before you know it - we will be back to bubble year type prices and more FINANCIAL ARMAGEDON for banks when you don't pay (unless of course salaries rise to triple or so what they are now)
On a more serious note, Jamie. Can you give us an update on how those luxury townhomes on the water are doing? (the ones they were auctioning off months ago)
Remember fellow homeowners - your house is worth whatever you think it is worth. Don't let doomsayers tell you differently!!
Posted by: Peter Elling | January 20, 2011 8:58 AM
Peter, do you mean the Pier Homes at HarborView?
Here are the sales on Valencia Court in the past 12 months: http://sdatcert3.resiusa.org/rp_rewrite/results.aspx?County=03&SearchType=SALES&StreetName=valencia&StreetNumber=&FromMonth=01&FromDay=20&FromYear=2010&ToMonth=01&ToDay=20&ToYear=2011&Residential=True&NonResidential=False&Improved=True&Vacant=True&District=&Map=&BPRUC=&ALImproved=True&Unimproved=True&MultipleAccounts=True&other=True&Subdivision=
And on Pier Pointe Landing: http://sdatcert3.resiusa.org/rp_rewrite/results.aspx?County=03&SearchType=SALES&StreetName=pier%20pointe%20landing&StreetNumber=&FromMonth=01&FromDay=20&FromYear=2010&ToMonth=01&ToDay=20&ToYear=2011&Residential=True&NonResidential=False&Improved=True&Vacant=True&District=&Map=&BPRUC=&ALImproved=True&Unimproved=True&MultipleAccounts=True&other=True&Subdivision=
And on Ponte Villas North: http://sdatcert3.resiusa.org/rp_rewrite/results.aspx?County=03&SearchType=SALES&StreetName=ponte%20villas%20north&StreetNumber=&FromMonth=01&FromDay=20&FromYear=2010&ToMonth=01&ToDay=20&ToYear=2011&Residential=True&NonResidential=False&Improved=True&Vacant=True&District=&Map=&BPRUC=&ALImproved=True&Unimproved=True&MultipleAccounts=True&other=True&Subdivision=
And Ponte Villas South: http://sdatcert3.resiusa.org/rp_rewrite/results.aspx?County=03&SearchType=SALES&StreetName=ponte%20villas%20south&StreetNumber=&FromMonth=01&FromDay=20&FromYear=2010&ToMonth=01&ToDay=20&ToYear=2011&Residential=True&NonResidential=False&Improved=True&Vacant=True&District=&Map=&BPRUC=&ALImproved=True&Unimproved=True&MultipleAccounts=True&other=True&Subdivision=
Posted by: Jamie Smith Hopkins | January 20, 2011 9:21 AM
Your house is worth whatever someone is willing to pay for it. Whether that person is a doomsayer or habitual optimist.
Posted by: Mr. Speaker | January 20, 2011 12:24 PM
I see nothing unusual in the graph. People needed more homes between 2002-05 than afterward. So why not buying after 2007? Because the majority already got one home before.
Posted by: Dana | January 20, 2011 10:31 PM
Jamie,
How much further down are 2010 numbers?
Posted by: Elana | January 26, 2011 6:14 PM
Elana, what I have -- data from MRIS, the keeper of the multiple-listing service -- is unfortunately not comparable with the figures used by the state here, namely all arms-length sales (listed on the MLS or not). MRIS will come out with its year-end tally, hopefully broken down by housing type, sometime in February.
Posted by: Jamie Smith Hopkins | January 26, 2011 8:07 PM