Market Trend Results for the Baltimore Metropolitan Area
First Quarter Statistics 2009
The first quarter of 2009 certainly started out slow. Sale prices and the number of homes sold was down 23.4% compared to the first quarter of 2008, sale prices were down 7.6% and homes spent more time on the market before selling according to Delta Associates who monitor market trends in our area. Delta states, “Baltimore City saw the steepest declines, with prices down 13.3% from one year ago. In the Northern suburbs, prices fell 8.4% from 1st quarter 2008; the Southern suburbs saw a 12-month price decline of 7.8%. As a whole, Baltimore metro prices were down 6.1% from year-end 2008 and down 7.6% from first quarter 2008.”
Generally speaking, most houses right now are taking about 3 months to sell and sellers are receiving about 10% less than their list prices.
So, what’s the good news? In many areas, the cost of owning is comparable to the cost of renting, so buyers are returning to the market, especially in the lower end. Lower prices, low interest rates, and federal incentives have made this a great buying opportunity especially for the first-time buyer. Sellers should know that the amount of inventory on the market is about 7.7 months which is down from the 10.9 months of inventory that we saw the same time last year.
If you are thinking about taking advantage of these market conditions and jumping into homeownership, consider attending our Home Buyer Seminar on May 13th, 7:00-8:00p.m. at the SunTrust Mays Chapel Branch on Padonia Road in the Graul's Shopping Center. CLICK HERE to register.
Looking for a great buy in this market? Check out our BEST BUYS! Each week, we select three properties to highlight that are really great deals.
Would you like a list of foreclosures, short sales, or auction properties? CLICK HERE and we'll send you our lists.
Wishing you sunshine everyday and the home of your dreams,
Jeri
