In this issue, we take a snapshot of the Baltimore City home market for 1st Quarter 2009 as compared to the same period last year.
Zip Code: 21224
The average monthly new inventory is down 13%, with 153 available homes in ‘09 compared to 175 in ‘08, while the average number of homes under contract increased 6% and the number of homes sold decreased 12%. The average sold price decreased 20% from $180,759 in ‘09 compared to $225,136 in ‘08; the time on market maintained at 158 days.
Zip Code: 21230
The average monthly new inventory is down 26%, with 112 available homes in ’09 compared to 152 ‘09, while the average number of homes under contract and homes sold decreased 6% and 5% respectively. The average sold price increased 21% to $280,000 in ‘09 from $238,000 in ‘08. The average number of days on market decreased 5%.
Zip Code: 21231
The average monthly new inventory is down 24%, with 51 available homes in’09 compared to 67 in ‘09, while the average number of homes under contract and homes sold was decreased 18% and 33% respectively. Only 8 homes were sold in first quarter ’09; however, the average sold price increased 35% to $289,947 in ‘09 from $215,501 in ‘08. The number of days on market increased 20% to 190 in ’09 from 158 in ‘08.
The analysis continues to illustrate sellers were less inclined to put there homes on the market in 2009, as compared to 2008, thus reducing the available inventory to buyers. The market continues to take a hit on average sold price, with the exception of zip code 21231. (Data is based on a small number of homes sold.) Important to Note: Based on January 2009 home sales, there is positive upward momentum in the market trends. The quarterly trend for 2009 thus far is showing improvement in all categories, most likely attributed to seasonality factors and overall confidence in the market.
