Jul 11 2007
Today’s Baltimore Sun reports that Baltimore-area home prices rose 5.5 percent led by Baltimore city where the average price hit $200,000 for the first time.? But it’s the high-end homes that are driving the price up, and not reflective of the larger market.
That’s because it’s the pricier homes that are selling, both in the city and suburbs, said economist Anirban Basu, chief executive officer of Baltimore-based Sage Policy Group Inc.
“At the higher end, there continues to be a race for superior properties as [buyers] compete against each other,” he said. “The homes that are selling are disproportionately higher-end homes.”
Those looking for an end to the housing slump will have to wait longer, Basu said
These seems to make sense given all the new high-end development in the city. ?
In all, 3,365 home sales settled compared with 3,909 in June 2006, a drop of nearly 14 percent as homes took longer to sell — an average of 82 days compared with 51 days in June 2006.
Every jurisdiction posted fewer sales. Carroll had the sharpest drop, nearly 18 percent, while Howard County’s decline was the smallest at 7.29 percent.
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