Baltimore Housing Turning To Buyer's Market

(WJZ) BALTIMORE Sales are down and prices are up this spring, according to housing market specialists in the Baltimore region.As Derek Valcourt reports, the trend is painting a different picture of the Baltimore area's housing market than in the past few years, and analysts think it's a good thing for buyers.For Sale signs go up everyday in Baltimore and the surrounding area. Some are only there for a few days before homes are sold. Others take months.But, analysts are now saying houses are spending more time on the market than last year. Statistics show houses are taking between an average of 41 to 104 percent longer to sell."What's happened here in the last year or so is that the market has stabilized and it has gone to more of a normal market or more of a buyer's market," said Long and Foster realtor Sharon Blough.In addition, not as many homes are selling. Right now only about one out of five homes currently on the market sell each month."The number of properties sold were less than in previous years but at the same time the properties are still holding their value," said Blough.The sales slowdown, according to Blough, is due in part to the cost of home prices rising.In Carroll County average sale prices are up nearly 12 percent from this time last year. In Baltimore City prices are up nearly 10 percent, while other surrounding counties have seem more modest gains.Howard and Anne Arundel Counties have seen prices fall, but only slightly.Economist Anirban Basu said Baltimore's proximity to Washington and its affordability have helped keep prices rising."Actually, I think that the adjustment from the hot seller's market of 2004 and 2005 to a buyer's market has been as smooth as one could have hoped for," said Basu.Although other East Coast cities are suffering, the Baltimore region is holding its own."This could have been predicted because right now the buyers are focused on value," said Basu. "But they are looking for a place to live and they are looking for value and Baltimore offers that."According to experts, the best bet on selling a home quickly is to make sure it is priced reasonably--at or below comparable homes in the area.Spring usually sees an increase in home sales as many people get their tax returns and children prepare to finish up the school year.
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