The price increase in this area is mostly from people fleeing from DC's overpriced market.
Also, despite the "hordes" of people who are supposed to be coming here as a result of the military base re-alignment, prices still dropped.
Also, add 2-4% for incentives.
Also, despite the "hordes" of people who are supposed to be coming here as a result of the military base re-alignment, prices still dropped.
Also, add 2-4% for incentives.
Area home prices fall for first time in 6 years
By Lorraine Mirabella
Sun Reporter
Originally published June 8, 2007, 4:03 PM EDT
The average home price in the Baltimore metro area fell 1.11 percent last month, the first decline in six years, according to statistics released today by Metropolitan Regional Information Systems Inc.
The average price of a house in Baltimore City and the five surrounding counties was $312,617 in May, down from $316,123 in May 2006, the statistics showed.
Prices fell in Anne Arundel, Carroll and Baltimore counties. Prices rose the most in Baltimore City, followed by Harford County, with Howard up less than 1 percent, MRIS said.
The falloff in average price came as sales volume plunged nearly 17 percent. In total, 3,030 homes were sold through the multiple listing service last month, compared to 3,648 last year, MRIS said.
The number of homes sold declined in every jurisdiction. Sales were off more than 20 percent in the two priciest counties -- Anne Arundel and Howard. The smallest decline was in Harford County.
May's price decline -- which reflects contracts generally signed in March and April -- comes at the start of the crucial spring selling season, when more people typically put their homes up for sale. The newer home listings, combined with the excess housing inventory that has been taking longer to sell, has likely hurt price growth, economists said.
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