Housing Statistics: March 2013

Housing Statistics: March 2013

	Units			Average Price			Median Price			Pending Units		Active Inventory		Months of Inventory*
	2013	2012	% Chg	2013	2012	% Chg	2013	2012	% Chg	2013	2012	2013	2012	2013	2012
Allegany	31	29	6.9%	$106,956	$83,367	28.3%	$108,000	$60,000	80.0%	51	48	489	474	15.8	16.3
Anne Arundel	425	430	-1.2%	$344,278	$329,120	4.6%	$290,000	$283,850	2.2%	797	706	2,136	2,650	5.0	6.2
Baltimore City	444	417	6.5%	$156,412	$136,604	14.5%	$115,000	$91,000	26.4%	723	668	2,769	3,288	6.2	7.9
Baltimore County	561	562	-0.2%	$230,997	$219,799	5.1%	$195,000	$180,000	8.3%	929	883	2,189	2,999	3.9	5.3
Calvert	82	57	43.9%	$310,607	$293,608	5.8%	$284,188	$279,900	1.5%	103	123	578	624	7.0	10.9
Caroline	23	13	76.9%	$148,231	$110,954	33.6%	$163,000	$113,000	44.2%	34	22	250	283	10.9	21.8
Carroll	115	103	11.7%	$283,718	$274,399	3.4%	$260,000	$255,000	2.0%	169	180	699	880	6.1	8.5
Cecil	64	58	10.3%	$215,773	$191,729	12.5%	$197,750	$169,950	16.4%	83	94	711	721	11.1	12.4
Charles	155	120	29.2%	$239,119	$239,144	0.0%	$226,900	$235,000	-3.4%	233	218	618	736	4.0	6.1
Dorchester	29	24	20.8%	$180,342	$107,317	68.0%	$137,000	$101,500	35.0%	28	35	332	411	11.4	17.1
Frederick	221	206	7.3%	$277,818	$260,743	6.5%	$242,500	$227,500	6.6%	324	336	691	849	3.1	4.1
Garrett	23	20	15.0%	$236,804	$293,150	-19.2%	$200,000	$273,000	-26.7%	25	23	442	542	19.2	27.1
Harford	189	165	14.5%	$258,532	$245,610	5.3%	$241,000	$220,000	9.5%	281	238	1,130	1,257	6.0	7.6
Howard	223	217	2.8%	$390,952	$391,068	0.0%	$352,000	$349,900	0.6%	371	423	706	1,115	3.2	5.1
Kent	15	11	36.4%	$324,100	$302,090	7.3%	$220,000	$273,000	-19.4%	17	21	360	356	24.0	32.4
Montgomery	826	730	13.2%	$484,775	$436,849	11.0%	$375,000	$345,000	8.7%	1,211	1,255	1,632	2,630	2.0	3.6
Prince George's	665	653	1.8%	$192,375	$173,584	10.8%	$176,500	$158,000	11.7%	1,113	1,279	1,506	2,647	2.3	4.1
Queen Anne's	43	41	4.9%	$375,337	$275,357	36.3%	$265,000	$259,000	2.3%	84	73	519	539	12.1	13.1
Somerset	15	12	25.0%	$79,980	$103,250	-22.5%	$56,900	$77,500	-26.6%	15	11	228	249	15.2	20.8
St. Mary's	82	68	20.6%	$260,233	$266,199	-2.2%	$254,400	$236,700	7.5%	87	115	597	597	7.3	8.8
Talbot	33	29	13.8%	$537,758	$518,948	3.6%	$295,000	$410,000	-28.0%	54	36	488	552	14.8	19.0
Washington	104	97	7.2%	$147,631	$145,771	1.3%	$139,950	$125,000	12.0%	153	138	603	642	5.8	6.6
Wicomico	67	67	0.0%	$145,403	$137,687	5.6%	$136,400	$142,000	-3.9%	87	67	570	744	8.5	11.1
Worcester	138	141	-2.1%	$244,002	$285,538	-14.5%	$210,000	$242,500	-13.4%	162	152	1,691	2,039	12.3	14.5
MARYLAND	4,573	4,270	7.1%	$288,121	$267,706	7.6%	$241,413	$226,002	6.8%	7,134	7,144	21,934	27,824	4.8	6.5

 

Reported by MRIS and Coastal Association of Realtors.  NOTE: UNITS ARE THE “UNITS” SOLD, PENDING ARE UNDER CONTRACT

 

*Months of inventory based on current active inventory and monthly sales for the corresponding month;  Data are revised on a regular basis.  Readers of these reports should note that older reports have not been adjusted to reflect these revised data.  This report, however, contains the latest reliable data to date.

Another View of Our Market from Colony Title

Thanks to Colony Title for sharing the following: "Fractional ownership, shared ownership, better utilization of real estate use are the wave of the future. In today’s market with Sequestration diminishing some household incomes by up to twenty percent, there is a way for families to continue to own their homes. In our last newsletter, we broached the topic of families participating in the ownership of property. Case in point, daughter and son in law own a home, but due to a cut back in family income, the mortgage payment is becoming problematic. A better solution to the situation might be a co partner sharing the cost of the monthly obligation. Rather than losing the home, falling behind in the mortgage payments, the family partner supplements the obligations. Structuring a partnership wherein both parties benefit, makes sense for both parties. Along the same line of thinking, a new concept of ownership of vacation homes has arisen. Fractional ownership makes perfect sense for an owner who wants to have a home where the family wants to spend time on a regular basis, but the property remains unused for the majority of the year. Why not own a fourth or fifth of a property with the ability to use the property two or three weeks every season, but only have the responsibility for one fifth of the upkeep rather than all. The upside compared to a time share is to have fee simple ownership and be able to take advantage of the tax deductions afforded and be able to realize a percentage of the appreciation in value as the property values prosper. As the real estate market is rebounding, prices are stabilizing and will start to rise as supply and demand will compel that eventuality. Currently our interest rates remain at historic lows, but when they ultimately rise, the opportunity to profit from the real estate market will change. We see the opportunity now to acquire property either individually or in partnership as a unique situation. We are uniquely qualified to assist you as we have handled many acquisitions via partnerships, LLCs or corporations and are currently involved in a fractional ownership venture. If interested in any of these options please contact me to explore the opportunities. Rates remain at the 3.5-4% range depending on the size of the loan and creditworthiness. Call us for details. We have completed our relocation in the beautiful Symphony Woods Office Center at 5950 Symphony Wood Drive. Please drop by. Our annual tennis tournament for the benefit for Shock Trauma will be on June 6. Please call for details. As always we want to be your title company and real estate law resource. Email me at tee.tillman@colonytitle.com or call at 410 884 1160 ext 3007. "