The Baltimore market showed signs of renewal in the 2nd quarter of 2009. Prices showed slight growth from the previous quarter, and homes spent less time on market than in the 1st quarter. However, the Baltimore market is still weaker than a year ago; Baltimore’s housing market may be in the very early phases of a recovery. Baltimore City showed the most improvement: prices rose 5.4% in the 2nd quarter of 2009 from the previous quarter. However, Baltimore City showed the steepest yearly declines; prices in the 2nd quarter were 20.0%
lower than a year ago. The city’s low average sales price of $160,891 contributes to volatility in percentage changes. In the Northern suburbs, prices rose 3.0% from the previous quarter but were down 8.4% from one year ago. The average sales price in the Northern suburbs for the 2nd quarter is $276,067.
The Southern suburbs posted the region’s only price decline in the 2nd quarter. Prices were down 2.0% from the 1st quarter of 2009; they were down 12.2% from one year ago. The average sales price in the Southern suburbs
in the 2nd quarter is $366,873. As a whole, Baltimore metro prices were up 1.6% from 1st quarter 2009 but down 11.3% from one year earlier. The ratio of inventory to sales declined 4.0 months to 7.9 months at June 2009, indicating that buyer interest is helping work through excess inventory. Annualized, unit
sales volume through the 1st half of 2009 is 88.9% of the 2008 total volume.
lower than a year ago. The city’s low average sales price of $160,891 contributes to volatility in percentage changes. In the Northern suburbs, prices rose 3.0% from the previous quarter but were down 8.4% from one year ago. The average sales price in the Northern suburbs for the 2nd quarter is $276,067.
The Southern suburbs posted the region’s only price decline in the 2nd quarter. Prices were down 2.0% from the 1st quarter of 2009; they were down 12.2% from one year ago. The average sales price in the Southern suburbs
in the 2nd quarter is $366,873. As a whole, Baltimore metro prices were up 1.6% from 1st quarter 2009 but down 11.3% from one year earlier. The ratio of inventory to sales declined 4.0 months to 7.9 months at June 2009, indicating that buyer interest is helping work through excess inventory. Annualized, unit
sales volume through the 1st half of 2009 is 88.9% of the 2008 total volume.
Information Provided by: MRIS Trends in Housing Report,
Sources: Associated Press, Boston.com, Bureau of Labor Statistics, Census Bureau, CNNMoney.com, Commerce Department, CoStar, Delta Associates, Department of Housing and Urban Development, Dr. Stephen Fuller and John McClain at GMU’s Center for Regional Analysis, Federal Housing Finance Agency, Federal Reserve, Freddie Mac, Home Builders of Maryland, Mortgage Bankers Association, MRIS, NAHB, NAR, New Geography, The New York Times, Primary Mortgage Market Survey®, RealtyTrac, Reuters, Shopping Center Directory, Treasury Department, USA Today, The Wall Street Journal, Washington Business Journal, The Washington Post, WBAL-TV.
Sources: Associated Press, Boston.com, Bureau of Labor Statistics, Census Bureau, CNNMoney.com, Commerce Department, CoStar, Delta Associates, Department of Housing and Urban Development, Dr. Stephen Fuller and John McClain at GMU’s Center for Regional Analysis, Federal Housing Finance Agency, Federal Reserve, Freddie Mac, Home Builders of Maryland, Mortgage Bankers Association, MRIS, NAHB, NAR, New Geography, The New York Times, Primary Mortgage Market Survey®, RealtyTrac, Reuters, Shopping Center Directory, Treasury Department, USA Today, The Wall Street Journal, Washington Business Journal, The Washington Post, WBAL-TV.
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