Maryland continues to outperform other areas. 2010 marked another year of slow, but continual improvements to the economy and the housing market. Housing adjusted into a more normal market. Statistics reflect that December 2008 marked the beginning of a pricing turnaround in most counties. Since that time, prices leveled out, started an upward climb and appreciation values normalized. Inventory in many areas shrank in 2010 while demand increased.
The Baltimore-Washington region has been voted as one of the key areas to ride out a recession. Why? It has a strong infrastructure, innovation, job opportunities in healthcare, institutions, education, government, arts & creative, research & development, biotech, and new media. We attract highly skilled knowledge workers and capital. The area consistently maintains a comparatively low unemployment rate and a high quality of life.
The impact of high-paying cyber-security and (BRAC) Base Closure and Realignment jobs primarily began to show in central Maryland in 2010. The largest impact expected will be to Anne Arundel and Hartford counties. Montgomery and Howard counties had the lowest listing supply inventories in the state. And, home values are stable to rising in those areas and surrounding areas.
Mortgage rates continued to be at an all time low in 2010 with rates bottoming in the low 4% range and the FHA 5/1 saw rates dip as low as 2.58%. This provided more purchasing power for first time buyers entering the market and for those selling to move up or downsize.
Median home values allowed more people to purchase homes and pay less per month than renting in some instances. Plus, Sellers moving within the area actually did better on their home purchase than they would have selling and buying at the top of the market in 2005-2006—sometimes realizing up to a 20% savings.
Almost every central county registered something positive:
- Anne Arundel County continued to hold home values and the average days on the market improved 13% from 127 days to 110 days.
- Baltimore City had a .2% increase on closed sales and the average days on the market improved 7.1% from 116 in 2009 to 108 in 2010.
- Baltimore County reflected an 11.8% improvement in days on the market to 104 days on the market from 118 in 2009.
- Calvert County saw a .3% improvement in percent of original list price received at sale, and 5.8% improvement in days on the market from 143 days in 2009 to 135 days in 2010.
- Montgomery County saw their median sales price increase 2.4% and days on the market improved 29.2% from 2009’s 90 days to 64 days in 2010.
- Prince Georges County saw a 19.5% recapture rate of homes sold and days on market shrank to 88 days down 33.5% from 132 days on average.
- Queen Anne’s County had an 11% increase in closed sales in 2010 over 2009, and days on market improved 13.4% from 180 to 155 days.
- Talbot County had 11% more properties sold in 2010 over 2009 and their days on the market improved 7.6% from 203 days to 188 days.
Please contact me at 410.224.0645 if you would like a more detailed report
on your county and neighborhood.