Home values in the Baltimore region fell for an 11th consecutive month in September, but some of the numbers look better.
After months of 30-percent declines in the number of units sold locally, the statistics finally leveled off in data released Friday by Realtor-owned Metropolitan Regional Information Systems Inc.
But the median sale price — the point at which half of all houses sold for more and half for less — in Baltimore City and its five surrounding counties fell 5.38 percent in September to $255,000, according to the data.
“I was saying all along, September was going to be the leveling out month, because it was September 2007 when we felt the real impact of the credit crunch, especially at the high end of the market,” said Ross Mackesey, sales manager at Coldwell Banker Federal Hill.
The total number of units sold this past month was down 2.23 percent from the previous year, to 1,931 from 1,975. But that number in September 2006 was 2,810, causing a 29.72 percent drop this past year.
The improvement in the data might inspire a few buyers to enter the market, but Realtors said the still-declining average sale prices show the real estate market hasn’t bottomed out yet.
“I think if people are waiting for the bottom, they’re not going to see it until the prices go back up,” said Vito Simone, president-elect of the Greater Baltimore Board of Realtors.
“I think trying to time the bottom doesn’t work, but the rate of the slowdown has slowed, to a near screeching halt.”
Baltimore City and its five surrounding counties reported decreases in their median sale prices. Carroll reported the largest year-over-year drop, falling 15.7 percent to $280,000 from $332,000. However, the county posted the largest increase in total units sold in the region in months, up 11 percent with 111 units sold this past month.
Baltimore City ended a three-month run of increases in home values, with its median sale price down 3 percent in September to $145,500 from $150,000 a year ago.
“In Baltimore City, the phenomenon that’s going on is the first-time buyer market is alive and well,” Mackesey said. “Although Baltimore City’s numbers … are down just a little bit, in the Canton ZIP code sales this month were up 29 percent over 2007. In Fed Hill, they were up 17 percent.”
