Typical asking price in August: just under $230,000
A snapshot of the region's housing market in July is due out at 10 a.m. from Metropolitan Regional Information Systems' stats arm, RealEstate Business Intelligence. Check back for the rundown later this morning.
While you're waiting, here are some other numbers to chew on:
The typical asking price for a Baltimore-area home on the market so far in August was just under $230,000, according to the Department of Numbers, a website that tracks various statistics around the country. It's the first month since January that the asking price has dropped rather than risen.
The typical asking price, after decreasing from $219,000 in December to about $213,000 in January, increased steadily afterward to $231,000 in July. (This is for the metro area as a whole, not just the city.)
The peak? May 2006 -- $350,000.
I mentioned in June that the upward rise in asking prices was unusual compared with the past few years. We did tend to see an uptick in the spring and summer, but not to this extent.
"Anybody can ask whatever," Wonk reader Joe noted in a comment on that post. "Reality kicks in with the answer usually."
Sam added, "I've been looking to buy for several months now, and I everything I have seen is around 50k over priced. The reasonably priced home have sold so although I am picky, I honestly do not think I am overstating the price to value disparity. I sincerely hope this uptick is due to larger homes being introduced to the market, otherwise, we will just be seeing homes sitting on the market until the sellers wise up."
I'd suggested the larger-home theory as one possible explanation -- not that I'm assuming that's the reason, but just because such a change would press asking prices upward. On the flip side, fewer low-priced homes -- say, bank-owned ones -- would also have the effect of increasing the median list price.
What are you seeing out there? How many homes are well priced, and how many aren't?