Almost Fall...My Favorite Time of Year

It's still 90+ degrees outside, but as Labor Day approaches it feels like Fall is in the air.  Kids are back in school and us realtors hope that folks will come rushing into the market after Labor Day to buy a home before the winter freeze.

The semi annual report on housing market performance for the region is posted above.  However, as I always point out, the regional reports represent an compilation of data and may not reflect market conditions in your neighborhood.

Sales reports issued in August, 2010, noted steep declines in housing sales for the month of July 2010. However, the dip in sales activity is no surprise to me....Tax credit eligility stimulated market activity outside of its normal cycle by requiring contracts to be in place by the end of April, 2010.  Those thinking of buying raced to meet the deadline.  

It is important to look at these types of market distortion when reviewing market data on a year over year basis. However, as the end of summer is upon us, we hope that "short sale" transactions can run more smoothly and the lender underwriting of buyers loosens up. 

I have some thoughts about how to get things moving, but will have to post later on.  In the meantime, read the above semi-annual report. Comments on the first Quarterly Report are provided below

Enjoy the rest of your summer.

CHANGES IN THE HOUSING MARKET PRICES AND ACTIVITY

BETWEEN THE 4TH QUARTER 2009 AND THE 1ST QUARTER 2010

(By County)

It's that time again--First Quarter 2010 Housing Sales figures have been released in the Metropolitan Regional Information System's "Market Watch Report". The map on the cover of the report is interactive.  Click on a particular County and you will be "linked" to the page showing statistical summary by Zip Code for that County.

However, keep in mind that summary statistics may fail to reflect market conditions near you. This is particularly true in parts of Baltimore City, as property values on one block can be much higher or lower than values five blocks away.

The MRIS Trends in Housing Report, issued by Delta Associates compares 1st quarter results of 2010 against 1st quarter results for 2009.  Economic and governmental influences are reviewed t

o examine relationships between the housing market, changes in employment, interest rates, increasing numbers of foreclosures and changes in bank practices. Comparison of year over year data is beneficial as it miminizes the affect of seasonal differences on market activity.

In addition to economic conditions affecting the housing market, two paralyzing snow storms made it difficult for buyers, seeking to take advantage of the extended tax credit, to search for houses during the fourth quarter. It is hard to buy a home, if you have to navigate four feet of snow to get to it. It will be interesting to examine 2nd Quarter results, as subsequent to the spring thaw, many buyers were "out in force" rushing against the tax credit deadline. In addition, those buyer that did "brave" the storms of winter, may not have settled on their purchase by the end of March....STAY TUNED!!!