SHORT SALE SPECIALIST REALTOR – BALTIMORE MD PRE-FORECLOSURE HELP

Home sales in the MRIS region continued their recent hot steak once again in December.  There were 7,551 pending sales during the month, up 20.7 percent from last December.  That means the region finished 2009 with 116,902 sales – up 16.0 percent from 2008.

Supply was a different story in 2009 as the 192,147 new listings represented a drop of 14.7 percent from 2008.

Strong sales and falling supply have helped bring the Months Supply of Inventory down to 5.7, a decline of 36.5 percent from a year ago and a sign that the market is moving slowly back towards equilibrium.

Market Indicators-Dec-2009

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The passing of the home-buyer tax credit’s initial expiration date hasn’t yet slowed the urgency of home buyers in the MRIS region, as November saw a continuation of the strong sales we’ve seen in previous months.

There were 8,732 signed purchase agreements during the month, up 33.8 percent from a year ago.

All the sales activity is combining with falling inventory to stabilize housing prices.  The November median sales price was down only 1.9 percent from a year ago to $255,000, the lowest year-over-year decline in home prices since 2007.

Market Indicators-Nov-2009

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Home sales in October were once again extremely robust.  There were 11,917 signed purchase agreements during the month, up 58.0 percent from last year.

With the home buyer tax credit extended and expanded, we can expect that first-time home buyer activity will remain strong, but don’t bank on the same blockbuster numbers we saw this year.  If you were a potential first-time home buyer who was qualified to purchase in 2009, odds are pretty dang good that you already bought.  The fact that the income limits have been raised for eligibility does help since it widens the credit’s availability.

The $6,500 credit for second-home buyers will spur some sellers in the low-to-mid price ranges to put their homes on the market who had previously been on the fence.  New listings will likely increase this winter and into early 2010 as a result.

Market Indicators-October-2009

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In September, the final days of the tax credit continued to spur buyers in the MRIS region into action.  There were 11,927 signed purchase agreements, an increase of 38.4 percent from a year ago.  It also represented a slight increase from August, which is quite remarkable considering that September typically means a drop-off in sales as the school year begins.

Good news for sellers:  the Average Days on Market Until Sale is now shrinking and the Percent of Original List Price Received at Sale is now growing.  This is a direct result of the fact that the Months Supply of Inventory has shrunk from 10.0 to 6.4 in the last year.

Market Indicators-September-2009

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As the final days of the tax credit wind down, buyers in the MRIS region are rushing to take advantage.  In August there were 11,858 signed purchase agreements, an increase of 30.7 percent from a year ago and the strongest August showing since 2005.  Not all of these agreements will reach the closing table, but it is nonetheless a welcome sign of robust buyer activity.

Home prices continue to post year-over-year declines, but the drops have not been as extreme as those experienced in the earlier months of this year.  The August median sales price of $275,000 is a decline of 6.6 percent from a year ago.  Previous months have seen double-digit percentage declines.

Market Indicators-August-2009

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Home sales continue their strong push in the MRIS region.  In July there were 12,528 signed purchase agreements, an increase of 31.1 percent from July 2008.  Not all of these agreements will reach the closing table, but it is nontheless a welcome sign of robust buyer activity.

The overall median sales price continues to decline relative to one year ago as heavy activity in the lower price ranges skews the overall number downward.

Homes are selling quicker in 2009 than they did in 2008: the year-to-date Average Days on Market Until Sale of 110 is a 4.5 percent decrease from the same period last year.

Market Indicators Report – July 2009

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Buyer activity in the MRIS region in June was once again extremely strong.  There were 12,805 signed purchase agreements during the month, which dwarfs the 9,501 written last June and represents an increase of 34.8 percent.

Sales prices continue to fall as a higher share of homes sold are foreclosures and short sales.  The June median sales price of $280,000 was a drip of 11.1 percent from last June.

In the “good news for sellers” category, both the Average Days on Market Until Sale and the Percent of Original List Price Received at Sale metrics appear to have bottomed out and are starting to slowly head back in the right direction.

Market Indicators Report – June 2009

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May took the spring jump in sales in the MRIS region to an even higher plateau, recording 12,916 pending sales for the month – a whopping increase of 30.3 percent from May 2008.

Unfortunately, as we’ve mentioned before, the jump in pending sales over the last few months is not translating to a similar jump in closed sales.  Closed sales for May were actually 4.3 percent lower than last year.  Year to date closed sales are down 1.7 percent from last year.  Clear indicators that more sales are getting stuned somewhere between the acceptance of an offer and the final closing table.

The overall median sales price remains in decline due to increased market share of foreclosures and short sales.

Market Indicators Report – May 2009

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Signed purchase agreements (pending sales) in the MRIS region continue to post robust numbers this spring. In April there were 12,874 pending sales, an increase of 24.8 percent from April 2008 and the 5th consecutive month of year-over-year increase.

Unfortunately, the jump in pending sales over the last few months is not translating to a similar jump in closed sales.  Closed sales for April were actually 7.8 percent lower than last year, which is the 3rd consecutive month of year-over-year decline.

The overall median sales price remains in decline due to increased market share of foreclosures and short sales. The April median sales price of $255,000 is 15.3 percent behind April 2008.

Market Indicators Report – April 2009

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Plunging mortgage rates in March brought buyers out of the woodwork, as pending sales in the MRIS region jumped upwards 31.3 percent over one year ago. This is the fourth consecutive month of year-over-year pending sales increase.

Prices remain affordable, as the median sales price in February was $251,925, down 16.0 percent from a year ago. Foreclosures and short sales are likely comprising a growing portion of home sales, which will drag the overall median down.

Housing affordability has reached near-record highs. The March Housing Affordability Index of 156 is up 46.9 percent from two years ago, and means that the median consumer income in the region is 156% of what’s necessary to qualify for the median priced home.

Market Indicators Report – March 2009

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