Aug 07 2008

Baltimore Condo Market Update – August 2008

The sales prices of condominiums and coops appear to be holding up better in Baltimore than many might think based on our recent analysis of thousands of transactions entered into the multiple listing service. We exported and analyzed every condo and coop transaction from 2000 through July of 2008 from MRIS (Metropolitan Regional Information System), which is the multiple listing service used by Baltimore area real estate agents. The jurisdictions included in the data analysis were Baltimore City, Baltimore County, Anne Arundel, Howard, and Harford.

While everyone knows prices are not increasing like they were in the first half of the decade, sales prices for existing condominiums in and around Baltimore are not declining much on average.? The average sales price for condos in Baltimore City was $278,482 in July of this year, which is basically unchanged from $278,417 in July of 2007.? The prices used for this analysis are net of any seller subsidy (closing cost contribution, etc.). While the average sales prices can be somewhat erratic from month to month, the general trend is pretty flat.? Even the metro area including the counties mentioned above has only shown a decline of 4.3% year-to-date through July compared to all of 2007 and this is mostly attributed to declines in Howard and Anne Arundel counties.? And, this is after a 4.4% increase of the average metro area price in 2007.

View the full article including graphs and tables HERE

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