Baltimore homes are in high demand according to a new report out at the end of July 2016.
The Demand Index is a report run by a company called Redfin, and it found that Baltimore home interest is up 20% over June of last year. This apparently includes a 39% increase in requests for showings on homes, and a 19% increase in offers made on homes through June of 2016.
Noted is that nationwide, this same spike has not been seen, emphasizing to me that real estate is local. The Baltimore real estate market is very different than the Denver market or the Boston market.
The Baltimore Business Journal reported on this Index in an article on July 26th.
Another interesting statistic, though, is that Baltimore home sales themselves dropped 16% in June, according to another Redfin market report.
So, though interest was up, actual sales were down, which could be due to a lack of inventory for the areas of high demand.
The Baltimore real estate market has smaller sub-markets — the counties surrounding the city, the city itself, and specific towns and neighborhoods within the city and the counties. Each one could potentially have its’ own market and demand — so some of the Baltimore real estate market may have multiple contracts and homes selling the day they come on the market, while other areas may see longer times on the market and lower list-to-sale-price ratios. (If you review my monthly statistics on different Baltimore County zip codes, you can see that the trends can vary month-to-month and zip code to zip code!)
For more information about your Baltimore house value, please contact me. I would be pleased to be of assistance!