Nope – assuming, of course, that you’re thinking of stability in the real estate market. But are there signs appearing that indicate we might be getting closer to our destination? Maybe.

 

Signs on the Interstate

 

Les Christie, staff writer for CNNMoney, offered a view from the national highway on April 1, 2009. He saw that the number of existing homes under contract ticked up in February, after hitting historic lows in January.

 

Pending home sales in the Midwest region were the highest, jumping 14.5%. The Northeast followed with growth at 10.6%. The South came around the bend with a 4.4% increase. However, the West was still headed in the wrong direction, with a drop of 13.5%.

 

Housing affordability, which is based on the relationship between home prices, mortgage interest rates and family income, is up 36.3% from a year ago (a record high). The National Association of Realtors (NAR) says this means that a family earning the national median of $59,700 could afford a $285,600 home in February (assuming they devote no more than 25% of gross income to mortgage principal and interest). The national median price for existing single-family homes is $164,600.

 

NAR sees the road smoothing out a bit by the end of the year as first-time buyers, supported by housing stimulus incentives, absorb excess inventory.

 

Signs on the Streets of Baltimore

 

At the end of March, the median single family home in Baltimore was $200,000 – above the national average, and $30,000 below the January 2008 Baltimore price. The market has plateaud at the $200,000 mark for the first quarter of this year, lopping off the steep downward drop in prices during the last half of last year. It’s too early to call trends, what with so much wrong in the domestic and global economies, but at least it’s a breather from that dive off the cliff, and might be an indicator that we’re somewhere in the area of the bottom.

 

The upper half of the market (median price of $239,900 and up) has begun trending up, but that up tick could be knocked down if the lower half can’t lift off the plateau.

 

Inventory has been falling in recent weeks, but days on market have been increasing since the middle of last year. It’s still clearly a buyer’s market

 

Feel Free to Unbuckle Your Seat Belt and Roam Around

 

Now that most of us have shaken off the major effects of the turmoil, and we see that we’re still alive (having made whatever adjustments necessary for financial balance—and sympathetically mindful of those caught by the high unemployment rate) we can begin to stand up, walk around, and take a good look at the reworked landscape.

 

The obvious upside of the real estate collapse is bargains and opportunities, and taking advantage of opportunities requires doing some planning and preparation (see this blog: March 3, 2009 - Get Ready, Get Set…for this Historic Buyer’s Market; and March 31, 2009 – This is a Good Time to Put Your House in Order). Housing is still high on anyone’s list of concerns, and it’s a perfect time to get clear about what you want and what you can afford. If you are already a home owner, this might be the time for a major lifestyle change.

 

And it’s a great time to get to know the dozens of unique and diverse communities that make up the great city of Baltimore. They comprise a broad palette, each having its own flavor, atmosphere, qualities and attractions. Take some time to explore. You’ll probably discover some jewels you didn’t know were there.

 

And give us a call for a free, no pressure discussion about any of your real estate concerns or needs. We say we are your source for Baltimore real estate for a reason. We love this city, have been active citizens for a long time, and know the city’s real estate inside and out. Sharing our knowledge and expertise is a pleasure.

 

Contact The Ron Howard Group @ 410-814-2404 or email Ron @ ron@livebaltimorecity.com.