SHORT SALE SPECIALIST REALTOR – BALTIMORE MD PRE-FORECLOSURE HELP

“Recovery loses steam.” “House demand in a slump.” “Tax credit leaves mess in its wake.” We’re bombarded with headlines like these every day.  Some have merit, some don’t.  The truth is, the economy is now driving the housing market and not vice versa.

Pending Sales in the MRIS region dipped slightly by 4.6 percent from last July to arrive at 10,148.  That’s one of the stronger marks inthe nation.

New Listins dipped slightly by 0.6 percent since last July and overall inventory dipped slightly by 4.7 percent over last year.

Median Sales Price grew slightly by 3.2 percent over last July to arrive at $289,000.  Buyer willing to pay 94.3% of seller’s asking price and market times dropped by 20.1 percent over last year.

In sum, the housing market is trying to hold its ground until the job situation improves.  Only after widespread, private-sector hiring will demand be restored to the market and prices continue to stabilize.  Until then, it’s a hurry up and wait game.

Market-Indicators-July-2010

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After a big dip in activity last month, buyers slowly came back to the market in June as Pending Sales were nearly even with a year ago.  Inventory was down 8.2 percent compared to last year giving buyers fewer choices, and the reduced supply put upward pressure on prices.  The Median Sales Price for June of $282,995 was a 1.1 percent increase over June 2009.

Reduced competition helped sellers as negotiations moved back toward their favor by 1.9 percent to arrive at 94.7 Percent of Original List Price.  In addition, market times decreased 26.9 percent to 73 days, while Months Supply of Inventory fell 19.0 percent to 6.4 months.

Expect closings to receive a slight boost as Congress extended the closing date to September 30 for tax credit buyers, and expect the market to stay flat or post minor improvements over the near term.

Market-Indicators-June-2010

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May 2010 provided our first month of data after an extensive 18-month tax credit party.  And the hangover may have set in.  The tax credit clearly propped up sales, so they predictably took a substantial dip a month after it expired.  Pending Sales decreased 13.7 percent compared to last May, dropping to 9,527 purchase agreements signed, down a whopping 6,562 from last month.  This represents the largest month-to-month decline in actual units pended since we have had available comparative date in 2003.

Keep in mind that closed sales will remain strong through the end of the June as buyers wrap up before the June 30 closing date deadline.  In fact, they were up 11.7 percent over last year to 10.415 closed sales.

New Listings posted a decrease of 7.9 percent year-over-year, clocking in at 16,839 new homes on the market.  This has brought inventory down 12.6 percent to 60,535 Active Listings, which has kept it near a balanced 6-month mark so far this year.

It remains to be seen whether the dip in buyer activity is a short-term effect of the credit deadline passing or a result of long-term changes in demand.  Regardless, we expect a slow summer selling season.

Market-Indicators-May-2010

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Buyers in the MRIS region were even more active in March than in February, with a whopping 45.5 percent year-over-year increase in pending sales to bring the figure to 14,361 for this month.

Home prices are stabilizing.  The March median sales price of $250,000 was only a 1.2 percent decline from last March.  Percent of Original List Price Received also provides reason for cautious optimism as transactions slowly creep back toward the seller’s favor.  The 94.1 mark for March has consistently been inching upwards in 2010.

Low mortgage rates and the final days of the tax credit continue to create a favorable buying environment and affordability continues to soar.  This may change; but we’re on top of it.

Market-Indicators-Mar-2010

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Despite cold weather and heavy snow, buyers in the MRIS region were very active during February.  There were 8,841 purchase agreements signed during the month, an increase of 12.3 percent from a year ago.

Home prices are continuing to show early signs of stabilizing.  The February median sales price of $250,000 was an increase from a year ago of 1.7 percent.

Extremely low mortgage rates have combined with the price declines of recent years to create an attractive environment for buyers.  The Housing Affordability Index in February of 149 is another near-record, and is up dramatically from the low point seen a few years back.

Market-Indicators-Feb-2010

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Home sales in the MRIS region in January continued their hot streal at 9,290 purchase agreements signed – an increase of 32.1 percent from a year ago.

The increase in sales has led to stabilizing home prices.  January’s median sales price of $246,000 was 1.6 percent lower than a year ago.  While that’s still a decline, it’s a much smaller decline than we’ve seen in some time.

The Months Supply of Inventory in the region has dropped to 5.3, down 36.0 percent from the mark of 8.2 seen a year ago.

Market-Indicators-Jan-2010

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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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