Baltimore City housing numbers are looking up.
Compared with 2006, the January figures for Baltimore City saw an 11.42 percent jump in average selling price, up to $173,577. A report generated by the Metropolitan Regional Information Systems Inc. also noted a 15.4 percent jump in median selling prices, up to $141,650.
“One of the reasons for the growth is that the city market is so affordable compared to the surrounding counties,” said Greater Baltimore Board of Realtors Executive Vice President Joseph T. Landers III.
When compared with Baltimore County?s average selling price, the city amounts are substantially lower. Properties in Baltimore County sold for an average price of $296,455, a 2.29 percent jump over January 2006?s figure, but about $120,000 higher than Baltimore City?s number of $173,577. Reasonable housing costs seem to be a draw in Baltimore.
“Now buyers are coming back to the market,” said Chase Fitzgerald and Co. President Arthur Davis. “The houses that are selling are selling quickly, and they are the ones fairly priced and in good condition.”
As for the downside, average days on the market are increasing. Houses now average 79 days, compared with 51 days last year.
Lander sees sales continuing to improve.
“Real estate is cyclical and seasonal, and we are seeing [increasing] prices in what has traditionally been the slowest period of the market,” Landers said. “We are going to not necessarily see a return to the robust market of two years ago, but a continued increase in the spring.”
