We now have a full 6 months of sales activity to evaluate around the Inner Harbor’s real estate market. The first six months of 2009 are very similar to last year’s activity in Q1 and Q2. You would assume due to the First Time Home Buyer Stimulus package and low interest rates that this year would be a significantly more active market.
The nice statistic as a seller is that each market seems to be consistently selling the same number of homes per month. In addition, the average number of homes for sale is seemingly decreasing on a monthly basis, while the average number of homes sold continues to remain consistent. Over time, this rate of activity will reduce the number of active homes for sale, and shift to a more balanced market.
Buyers can be excited to see the continued reduction in average sold prices. There has been a consistent decrease in the average sale price over the last three years. Reduced prices and reduced interest rates, in addition to the government’s stimulus package, is positive news. Some bank owned sales and seller short sales have also contributed to this reduction of the average sale price.
We continue to see opportunities for buyers and sellers to take advantage of in today’s real estate market. Most sellers will take advantage of the buyers market in their new area or residence and first time home buyers are able to buy, taking advantage of some of the most favorable buyer market incentives over the past 7 years.
