For years now, you have probably been hearing the doom and gloom that was our local real estate market. Indicators say that this year is different. Market trends show signs that the days of the buyers’ market may be behind us. Sellers are seeing increases in sale prices, fewer days on the market, and less competition. Consider the difference between February of last year versus this year, in zip codes 21224 and 21231:
Media: 6.2-percent increase
Active inventory: 30.7-percent decrease
Days on market: 31.6-percent decrease
(Data gathered from Metropolitan Regional Information Systems, Inc. for the period beginning on Nov. 12, 2000, through the end of Feb. 2013.)
As these numbers show, a decrease in inventory and fewer days on the market have contributed to an increase in median sale price over the previous year.
In the past, some homeowners were unable to sell their homes due to market conditions, resulting in a decrease in their home value. Now that the market shows home values appreciating again, conditions may allow some homeowners to test the market again.
Potential buyers, there is good news for you too. The city was able to secure funds that provide future Baltimore City homeowners with $15,000 in down payment and closing cost assistance. The funds are forgivable—meaning that no repayment is due—if the homeowner stays in the dwelling for more than 5 years.
Have questions or comments about buying or selling a home? Please e-mail email@example.com. Your question may be featured in a future Baltimore Guide home buyer/seller Q & A.
By Mario Valone SPECIAL TO THE BALTIMORE GUIDE
Mario Vallone is a Realtor for Coldwell Banker Residential Brokerage in Inner Harbor.