‘Last Spring Is Gone’ In Baltimore Area
A Baltimore Sun report shows a serious slowdown one market. “Home sales in Carroll County plunged in January, but industry insiders say they expect the market to rebound, possibly as soon as this month. Sales in Carroll County fell last month more than 38 percent below the level of January 2005, and area home prices rose only 5.6 percent, a rise that is significantly less than in any other part of the Baltimore region.”
“‘Last spring is gone,’ said Judy Tyree, (brokerage) office manager in Westminster. ‘We are not seeing escalating clauses and multiple bids. Now houses are staying on the market longer.’”
“‘Toni Braglio, president of the Carroll County Association of Realtors, called the drop ‘a seasonal dip before the spring market breaks loose.’” The housing prices are escalating rapidly and creating a great sellers market, she said.”
“Comparing last month to January last year, when the area was still riding a hot market fueled by high prices, competitive bidding and inventory shortages, creates the wrong impression, said Karen Donaldson, an agent in Westminster. In January 2005, 128 home sales were settled, compared with 79 settled last month.”
“‘We are coming off of three years of the most awesome real estate market,’ said Donaldson, an agent with 18 years’ experience. ‘Those years were not anywhere near normal. The market usually slows down in the last quarter, but sales will even out in February.’”
Thanks to the reader who sent this in.
Ben: This link to today’s Washington Post on local price “dip:”
http://www.washingtonpost.com/wp-dyn/content/article/2006/02/26/AR2006022601175.html
gee, is it seasonal? fck no just look at the last 3 winters, all w big price jumps
This article is remarkably dense in unsubstantiated projections.
Indeed. Just another example of “industry insiders” aka people with a large vested interest in prices continuing to rise, making assertions based on hope as much as anything else.
“based on hope” might be letting some off too easily. I’d say many are outright attempts at deception.
i don’t pay a whole lot of attention to the regional markets. i’ve somewhat narrowed my focus to a few key areas……phoenix, phoenix and phoenix. let the laws of econ 101 do their magic in the desert. as soon as the correction gets going full swing then you can bet that many other 2nd tier bubbles will get sucked into the vortex.
but we need a flashpoint and phoenix seems to be the volunteer.
I’d give Sacramento an honourable mention.
The falsh point may be something entirly different..An Event…i.e. “Iran” ….
Hey, now. I resent your remarks. San Diego is NOT a 2nd tier bubble - we’re leading this charge all the way, baby! (mumbling somewhat silently: “Call my town 2nd tier? Hmph! YOU’RE 2nd tier. If anything - we started this bubble! Us and our cousins, S.F. and Boston. Heck, Phoenix wouldn’t even HAVE a bubble if it weren’t for Californians taking their money to the deserts. Hmph.”)
Sorry, forgot to add this: ”
“
Damn straight!
Also, there’s also been altogether too much loose talk about corruption in other cities. I’m here to say that San Diego is “1st tier” in corruption as well, what with Randy “Duke” Cunningham’s recent guilty plea for bribery and the pension scandal worth (minimally) several billion dollars in unmet liabilities.
*ahem*
Sydney and Melbourne, the 2 main cities in Australia, started downwards around April 2004.
Perhaps Miami?
Right now Phoenix and Las Vegas seem to be in a close race to the center of the explosion with areas in Florida and DC still in the hunt. Dark horses Sacto and Fresno just need an excuse which brings me to my point. The loser is going to be the one with a good excuse. Sacto and a State fiscal crisis, any of them and a terror threat, you get the idea.
Based on inventory exploding, I would say Phoenix has a sizable lead.
Houston has over 40,000 homes for sale, in spite of a 16% increase in closings. There is unlimited land to build on, and now they have Californian speculators too.
See? Even the Distinguished Gentleman from Arizona agrees that it’s all the Californians’ fault!
Hey, hey, hey! City of San Diego’s finances are so bad that we’re not allowed to borrow money anymore! Deteriorating roads and shorter public library hours are as good an excuse as any to start the housing crash. Come on, give credit where credit is due! (Hey, I just made a pun)
:->
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Dang, how do people do all those wonderful smileys?
My money is on Phoenix. Supply is exploding and demanding is declining.
http://codex.wordpress.org/Using_Smilies
i don’t disagree with some of the other candidates (s.d., sacto, boston) but one thing these places have is heritage and old money. it’s an intangible that may allow a particular area to hold out longer. phoenix otoh is a sea of tract houses, sprawl and slap-up mini-marts with absolutely no personality.
it seems to running towards the cliff with naked enthusiasm.
and you east coast guys get your own cotton-picken flashpoint…. (grrrrrrr……)
Yay!!!!!
there are so many rationalizations in that article it makes my head spin and my blood boil.
last fall:
A National Real Estate Investors’ Conference at BWI this week drew about 500 people, and many of them hopped on a bus to Baltimore for a tour of potentially lucrative investments.
I wanted to add a small statistic I’ve noticed from studying Northern Virginia listings at ZipRealty today. 25% of homes have been reduced in price in Fairfax, Loudoun, and Prince William Counties, and 50% of listings are showing reduced prices in far-out Warren County.
I’ve seen the reductions in the 5% area. They need to add a zero to the end of that number.
This thread reminds me of a famous environmentalist book: “Silent Spring” by Rachel Carson
“‘Toni Braglio, president of the Carroll County Association of Realtors, called the drop ‘a seasonal dip before the spring market breaks loose.’” The housing prices are escalating rapidly and creating a great sellers market, she said.”
Gee… Thanks Brain Surgeon. Now would any of you guys buy a used care from this ginzo broad?
I love that quote the most. Gee Toni, does rapidly escalating prices equal price drops? LMFAO!
“‘Toni Braglio, president of the Carroll County Association of Realtors, called the drop ‘a seasonal dip before the spring market breaks loose.’” The housing prices are escalating rapidly and creating a great sellers market, she said.”
Geez, Toni should get a job as Bush’s press secretary!
in Wash Post they ask if the 4th qtr downturn is seasonal- what BS just go back 3 years and see every year prices want up till now