Baltimore City's housing market
Next up in our tour of the region: Baltimore. The city's level of home sales is below what it was 13 years ago, after soaring during the bubble years and plummeting during the bust at rates that outpaced the suburbs.
Here's the change in the number of homes sold during the month of June, according to data from Metropolitan Regional Information Systems' RealEstate Business Intelligence arm:
And here's the change in price, also more dramatic on the up and downswing than the 'burbs:
Both price measures show an increase of just over 120 percent from 2000 to 2007, compared with around 100 percent for the Baltimore region as a whole (a little more than that for the median price, a little less for average).
Since then, the city's average sale price has slumped 24 percent. Median, a whopping 39 percent. Regionwide, by contrast, prices fell just under 20 percent.
We've chatted before about one of the causes: a lot of cheap foreclosures pulling down the average -- and the median especially -- in the city. So your personal results may vary.
(Missed the first stop in this jog down memory lane? Check out Anne Arundel County here.)
City homeowners, how have your values changed in the last few years? Buyers, what are you seeing out there? (Has anyone snagged a really low-priced home?)
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Comments
Double dip in housing PLUS S&P downgrade of Fannie, Freddie, and Ginnie Mae debt is not good for housing. Look out below!!!!!
Posted by: Jack Daniels | August 8, 2011 3:06 PM
Yeah, not positive indicators, that's for sure. I'll have a blog post tomorrow about the downgrade's implications for mortgage rates.
Posted by: Jamie Smith Hopkins | August 8, 2011 3:08 PM