Dec 11, 2008 7:31 am US/Eastern
Home Sales Declining In Baltimore Area
BALTIMORE (WJZ) ―
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Real estate prices in Baltimore have slid to a three year low.
AP
More bad news for those trying to sell a home right now. Real estate prices in Baltimore have slid to a three year low.
Mary Bubala has more on the downward trend.
Any way you look at it, home sales in the Baltimore area are down but Realtors and sellers aren't ready to panic yet.
The figures add insult to injury when it comes to moving in the Baltimore area. Sales are down 7.9% with the average home going for just over $284,000.
The one thing Alex Hopkins doesn't want to hear is that the number of sold homes slide from 1,892 the year before to 1,270.
"We've had the house on the market a couple of months now and while we have come down on the price a little bit, we hope that the market's gonna turn a little bit," Hopkins said.
He and his wife are getting offers.
"Yeah, we've seen a few low-ballers. Seems like there are a lot of scavengers out there right now that are really trying to pick things up on the cheap," he said.
Houses are staying on the market 21% longer, or roughly four months. When they do sell, owners are getting 89% of what they're asking.
Real estate agents are still optimistic in spite of the nation's faltering economy. They say this is still a very good market for buyers willing to purchase only what they can afford.
The average sale price in Baltimore County is down 12% but it's up just over one percent in the city.
"We have less units sold at a little bit lower price and that's starting to contribute to affordability when we expect we'll see buyers start coming back to the market," said Vito Simone, Baltimore Board of Realtors.
Most real estate experts, like economists, don't expect a major turnaround for more than a year.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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