As Baltimore bank owned homes for sale surged in number in the first months this year,homes in the area became more affordable.
In Baltimore City, the sales price median for homes sold in June fell to $143,000, an almost 8-percent drop, as home sales increased over the year by 11 percent to a total of 579 units, based on sales data from the Metropolitan Regional Information Systems.
Another firm, Clear Capital, reported that house prices in all large metropolitan areas in the U.S. surged, except in Baltimore and in Bridgeport, Connecticut. Home prices in Greater Baltimore fell by almost two percent in the March to June period compared to the previous period.
Another real estate firm said that bank owned foreclosures pushed more Baltimore homes to get sold at substantial discounts. In the first week of May, the share of homes sold with price reductions increased to 35 percent. Local analysts said that the Baltimore market, along with other large housing markets, is still a buyer’s market as Baltimore bank owned homes for sale continue to influence home prices. The share of foreclosure sales in the first four months of the year in Baltimore City was 35 percent, up from 22 percent in the same period in 2009.
The share of discounted homes in Baltimore dropped to 34 percent in the first week of June to 34 percent, but Baltimore was still fifth in a list of major cities with the biggest share of price reduction. The average price discount in Greater Baltimore in the first week of June was 11 percent.
In the April to June quarter, bank owned homes in Maryland continued to surge, as foreclosure filings rose by more than 5 percent from the previous quarter and by nearly 68 percent from the same quarter in 2009 to a total of 15,637 filings.
Again, Prince George’s County was the hardest-hit county in the state, followed by the city of Baltimore and the counties of Montgomery, Baltimore, Frederick and Anne-Arundel. Baltimore bank owned homes for sale accounted for a huge portion of the total REO units in Maryland during the quarter.
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