Baltimore City REO Market Report: October 2009
Date 10/19/09
Market Area: Baltimore City REO Market
Time Frame: 4/19/09 – 10/19/09
General Market Conditions:
Current Market Condition: Slow
Employment Conditions: Declining
Market Price for This Property Type Has: Decreased By 5.36% in the past 30-days
Estimated Percentages of Owner vs. Tenants in These Neighborhood: 50% Owner Occupant 50% Tenants
There is an over supply of active listings.
Number of units that are Short Sale Stage Listed in MRIS: 511
Number of units that are REO or Corporate owned: 439
Market Activity
Range of values is $5,000 to $512,900
Normal marketing time is: 96 Days.
Resale Comments: My independent MRIS research shows that there are currently 439 REO homes on the market in Baltimore City. Most of these homes are overpriced or are in less than ideal condition that do not attract buyers and just sit on the market. The average day’s on the market for these active properties is 93. There are currently 315 REO properties under-contract. These buyers have found and are expecting and getting a great value-a good home at a good price and with all the competition for their attention, they have a lot of choices. These buyers are really picky. There were 206 REO properties that sold in the last 60-days. The average day’s on the market was 90. Buyers have a sense of what’s fair market value and what’s not and they just won’t show up if sellers are not in the ballpark. There is currently 4.13 months of REO inventory on the market in Baltimore City. It’s very important that sellers price their home correctly and competitively. Buyers are looking for value pricing and if sellers don’t meet these expectations, they’ll be overpriced and overlooked.
Prepared By:
Aaron Rice, CDPE, CLHMS, CRS, GRI, SHS
443-244-0051