Diminishing foreclosure-related sales activity in the city of Baltimore has driven up the market’s overall median home price. Fewer underwater homeowners coupled with this price appreciation has equated to significantly more new listings hitting the market.
“The market is in good shape,” said Andrew Strauch, vice president of Metropolitan Regional Information Systems (MRIS).
According to recent stats from MRIS, the median sales price of an existing single-family home in the city reached $107,000 during March. This value equated to year-over-year appreciation of more than 21 percent, as the median price during March 2015 stood at $88,000.
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Strauch believes this type of appreciation will pull more inventory onto the market in the coming months.
In March, new listings activity was up by 18.2 percent year-over-year in Baltimore. This rise in listings was the primary reason the market saw a 3.8 percent bump in supply last month.
Every other jurisdiction that comprises the Baltimore metro region saw a year-over-year decline in supply last month.
Relatively unchanged sales activity in March also contributed to the supply growth. According to MRIS, sales activity declined by 0.2 percent year-over-year in March, with sales totaling 640.
However, new pending sales volume, which totaled 996, was up by 5.3 percent in March.
Overall, the larger Baltimore metro saw a 11.2 percent year-over-year spike in sales activity. Transaction totals in Harford, Anne Arundel and Carroll counties were all up by more 17 percent.
Baltimore remains a buyer’s market
While Strauch suggested that the city Baltimore is gradually becoming less favorable to buyers, market conditions exist that suggest buyers still have the upper hand.
Year-over-year the list-to-sales price ratio dropped from 91 percent to 89.7 percent in March. At the same time, the median time on the market for a home rose from 53 days to 62 days. Lastly, as previously mentioned sales activity is trailing 2015 levels with pending sales up only slightly.
