Baltimore Housing Trends – On the Rise?
Bouncing back from quite a recession (48% of home values decreased drastically) in the housing market in 2015, Baltimore, Maryland has shown some bit of growth during the 1st quarter of the year. As of October 2016, the median sale price is up 21% or $22,000 sitting at approximately $125,000, while October 2015 stood at $103,000. Seemingly, the blossoming market comes to a halt in all other aspects.
Decreasing 7% from September’s 697 units with only 641 units sold consisting of attached homes, detached homes, and condos, the Baltimore area has not fallen far in any sense. However the total number of homes in inventory this October was 3,552 compared to 4,206 last year. That means less houses were up for sale. Meaning, more people by 641+ may have risen in financial standing to afford a place(s) to reside. Either that, or it can be presumed that moving in-state or city was an option for a good amount of people that homes were demanded substantially.
Obviously this is fantastic. Homelessness in Baltimore is insufferable by about 3,000 a night, summing to 30,000 a year according to Health Care for the Homeless, Inc.. Making a dent, even by only a few hundred helps profoundly. In the U.S., January of 2015 had almost 600,000 people homeless. Now this is only in one month, so imagine the yearly rate with every month summed up. To keep it short, it would be astronomical. Back to the point, 641+ people had somewhere to live in Baltimore October 2016 than last October, and that itself is wonderful.
Nonetheless, Baltimore’s real estate market dropped percentage for new listings and months of supply are around the same at 14% and 16% respectively. The percentages aren’t big, but it still makes a difference in the long run. Approximately 1,000 homes were newly listed this past October compared to 1,250 in October 2015. This demonstrates price appreciation. There were 5.5 months left of supply, which is the amount of time needed with demand as high and appreciated as it is to sell the rest of the houses.
As a good turn of events, current contracts are up 16% with 791 pending contracts, over 100 more than last year. The average sale price is 97.3% the average listing price. In other words, houses in Baltimore are being sold at their original listing price at a very high usual rate. Although the increase is only 0.6% more than the same time last year, growth is usually a great thing no matter how minuscule the percentage is. Also, houses are closing on an average of 66 days rather than 69 last year.
Without a doubt, Baltimore is coming back up in real estate market (even though it is not on par with many places in the rest of the United States). Buyers are naturally looking for value, and they can always find what they want. Expansion through different neighborhoods provides options such as that, which goes to show how Baltimore is making a more significant difference overall after the crisis the year before. Dips aren’t too low, but their highs are high enough to show improvement. The market’s strength is proclaiming it never truly fell. By the look of it, so far so good.
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