Baltimore by the Numbers, August 2017
By the Numbers
Strong July, Quicker Sales, High Demand
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).
July’s housing market continues to show strength in Baltimore City, with more homes selling faster. Momentum over the first half of 2017 is persistent as we move beyond the traditionally well-performing spring season.
Typically, home sales peak in spring and settle down in late summer through year’s end. That was the story this year, but the overall gains show vast improvement. July saw 637 standard sales, 6.5 percent more than July 2016. That makes 4,215 sales year-to-date, an impressive 18.2 percent more than this time last year.
July’s average standard sale price was $220,838, 4.5 percent lower than in July 2016. Price drops from spring to summer are common. While 2016’s surprisingly strong July sticks out, the drop from this June to July’s average price is less steep than 2014 or 2015— a positive sign pointing towards stability and demand.
The market shows especially strong promise when looking at total days on market (DOMP – Days On Market; Property). In July, the average DOMP for standard sales was 66 days. Last year, July’s DOMP was 73 days. Even the slightest decrease in DOMP illustrates a competitive market with lots of interest. Couple this performance with increased sales, and Baltimore City is drawing significant interest from future homeowners.
Neighborhoods of Note:
With the pace of sales increasing citywide, we explored which neighborhoods showed the greatest decrease DOMP from July 2016 to this year. Neighborhoods with significantly decreased DOMP represent increasingly competitive demand in those areas.
Topping the list is Reservoir Hill, the historic neighborhood with Victorian homes adjacent to Druid Hill Park. It’s this proximity to greenspace, multiple community gardens and parks, and to major thoroughfares that have homebuyers turning to Reservoir Hill. Families find even more to like in the strong community school, Mount Royal Elementary/Middle—a public school using arts integrated education techniques. The creativity doesn’t end there, with The Maryland Institute College of Art (MICA) right next door and Station North Arts and Entertainment District just a short walk away.
Neighborhoods Selling Faster: July 2017 vs. July 2016 AVG DOMP % Change
Reservoir Hill: 94%
Ellwood Park/Monument: 90%
Broadway East: 77%
Ridgely’s Delight: 76%
Brewers Hill: 75%
Patterson Park: 69%
Patterson Place: 63%
For more insight into Baltimore City’s housing market, or to set up a time to learn more, call 410-637-3750 or email email@example.com.
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