One in four homes in Baltimore region selling for a loss
Twenty-five percent of homes that sold in the Baltimore region over the summer changed hands for less than their owners paid for them, up from 21 percent a year earlier, real estate search site Zillow says.
The share of homes selling at a loss is down from the spring, however, when it peaked at nearly 28 percent. (Zillow shows the percentage of losses generally spiking in the first half of the year, dipping in the summer and then heading back upward.)
The situation is worse nationally, with just over a third of homes -- 34 percent -- selling for a loss.
The calculation excludes foreclosures. Zillow crunched transactions from June through August, putting the most weight on sales in the most recent of the three months.
Oh, and it looked at the new sales price vs. the previous price, so that doesn't include homes that were a net loss for the owners after taking into account transaction expenses (like transfer taxes and real estate commissions) or money spent on renovations.
So what's the breakdown at a more local level? It varies a lot, as you might expect, though most places are seeing losses rise.
Thirty-two percent of Baltimore homes that sold this summer went for less than the previous purchase price, Zillow says. That's up from 26 percent during summer 2010.
Annapolis is at 26 percent, Ellicott City's at 24 percent and Columbia is at 20 percent (though Columbia has been all over the map, zigging as high as 31 percent this spring before zagging back).
At the low end among communities Zillow tracks are Arnold in Anne Arundel County and Parkville in Baltimore County, where fewer than 10 percent of homes are selling for a loss.
At the high end: Odenton -- next to Fort Meade in Anne Arundel -- with almost 40 percent of homes selling for a loss, Zillow says. The community was at 30 percent two years ago and 24 percent in August 2010.
Does that match up with your sense of things, folks?