July 23, 2018 - Baltimore by the Numbers
Welcome to our Baltimore by the Numbers monthly update. This feature offers unique insight into the Baltimore City housing market — giving a hyperlocal take on what’s happening and paring down “regional” reports that include faraway suburbs (nothing like the city).
After years of recession recovery, June's housing numbers point toward a year of stabilizing the Baltimore City housing market. Year over year owner-occupied closings, also known as traditional standard sales, are up slightly by .06 percent, according to MRIS market data.
"It's crucial to watch standard sales because they are reflective of our true buyers and sellers market in the City," said Annie Milli, Live Baltimore's Executive Director. "It's taken years for the early 2000's foreclosure crisis to move through our market. We find ourselves now at a new benchmark that will impact prices and other indicators for years to come."
In June 2018, 85.8 percent of the total housing sales in Baltimore City were categorized as "standard" while one year ago, in June 2017, just over 81 percent of sales were closed on as owner-occupied homes. These numbers have increased compared to 2016 when standard sales accounted for just over 76 percent of the total housing sales in the City and in 2015 when it was at 70.5 percent.
"Interest in city living has always been steady but we currently have many buyers taking the step toward owning a home," Milli said.
Neighborhoods of Note
As more and more homebuyers begin the process toward homeownership, inventory remains relatively low creating a more competitive market. Homes across the City sold at a rate of 15.6 percent faster than this time last year. Take a look at which neighborhoods had the fastest sales in June.
Top Ten Fastest-Selling Neighborhoods
Neighborhoods (with over five home sales in the month of June) sorted by average number of days homes sold
Ednor Gardens-Lakeside: 9 days
Highlandtown: 22 days
Bolton Hill: 24 days
Inner Harbor: 24 days
Brewers Hill: 24 days
Waverly: 26 days
Mount Washington: 29 days
Hampden: 30 days
Berea: 32 days
Waltherson: 33 days