The median single family home price in BALTIMORE this week is $199,900. The 1150 homes have been on the market for an average of 146 days.
Inventory has been tightening and days-on-market increasing recently. The Market Action Index has been basically flat, not providing strong indication for market conditions.
PRICE - The market has been on a downward trend recently and this week, while essentially flat, doesn't break us out of that cycle.
PRICE AND VALUE - The market's downward trends are shared across both price and value. People are recently placing less value on homes (you can see the recent declines in price per square foot as evidence.) Look for significant changes in the Market Action Index as a precursor to price and value changes, possibly as inflection points for good investment opportunities.
INVENTORY - Inventory has been falling in recent weeks. Note that declining inventory alone does not signal a strengthening market. Look to the Market Action Index and Days on Market trends to gauge whether buyer interest is changing with the available supply.
MARKET ACTION INDEX - The BALTIMORE market is currently quite strongly in the Buyer's Market zone (below 30). The 90-day Market Action Index stands at 16. With several months of inventory available at the current sales rate, buyers should find ample choice. The market has settled in at a relative stasis in inventory and sales conditions. It's a Buyer's market that has seen prices trend lower. Expect that consistent up trends in demand will be required before price trends change significantly.
DAYS ON MARKET - The properties have been on the market for an average of 146 days. Half of the listings have come newly on the market in the past 133 or so days.
Visit us @ www.livebaltimorecity.com and click on "Baltimore Market Trends" to get weekly updates for specific zip codes in Baltimore.
Comments(0)