SHORT SALE SPECIALIST REALTOR – BALTIMORE MD PRE-FORECLOSURE HELP

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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Pending sales in February were fairly robust once again, posting 9,252 units.  This is an increase of 17.7 percent over February 2008.  Meanwhile, supply continues to draw down as February new listings were down 23.6 percent from one year ago.

Prices remain soft, as the median sales price in February was $249,000, down 17.8 percent from a year ago.  A larger share of homes being sold this year are below $200,000 than in the last two years.

Percent of Original List Price Received at Sale continues its long and gradual decline, down to 89.9 percent in February.

Market Indicators Report – Feb 2009

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For the first time in years, Months Supply of Inventory is actually lower than it was one year ago.  While the market remains firmly in the buyer’s favor, this indicates that the pendulum is slowly working its way back towards equilibrium.

Home price continue to move downward due to increase sales of foreclosures and short sales.  The median sales price in January was $250,000, down 17.4 percent from last January.

Home sales are continuing their recent upswing as mortgage rates fall.  Pending sales in January were up 16.3 percent over January 2008 with 8,028 units.  Closed sales, which typically lag behind pending sales, were down 1.1 percent with 5,095 units.

Market Indicators Report – Jan 2009

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