Welcome to ‘Baltimore by the Numbers,’ Live Baltimore’s analysis into the Baltimore City housing market that gives a hyperlocal take on what’s happening in the local real estate market.
Live Baltimore’s resident statistics gurus have parsed regional data and removed the foreclosures, short sales and REO properties that can skew results. What’s left are “standard transactions,” which give a more accurate assessment of the Baltimore City home buying market.
For March, this standard transaction data shows a total of 439 sales in Baltimore City, a seven percent increase year over year—a more favorable story than the .2% decrease shown in the all-inclusive data. Sales were up 23% from February.
The market continues to improve across the city. At the conclusion of 2016’s first quarter, 72% of Baltimore’s neighborhoods are on or ahead of last year’s sales pace.
Neighborhoods of Note:
We see continued growth in the city’s Northeast corridor, particularly in the neighborhoods of Perring Loch, Belair-Edison, and Westfield—all of which showed notably heightened home buying activity.
The first quarter of 2016 saw seven home sales in Perring Loch, compared to an average of only two per quarter from 2013—2015. WHY? New development at Morgan State University is great news for Perring Loch, where buildings such as the University’s new $79.4 million Martin D. Jenkins Behavioral and Social Sciences Center continue to grow capacity for students and staff.
Belair-Edison had more than 24 closings in 2016’s first quarter; nearly double the first quarter averages of the last three years. WHY? Nonprofit organizations, including Belair-Edison Neighborhoods Inc. and St. Ambrose Housing Aid Center, have played a significant role in the renaissance of Belair-Edison, buying and renovating homes, marketing properties, helping buyers get mortgages, and coordinating community amenity improvements. Recent grant funding has allowed beautification of the neighborhood’s Main Street and has concentrated blight elimination on the block level. With a Walk Score® of 80, Belair-Edison is a neighborhood where most errands can be accomplished on foot—a feature in demand with today’s buyers.
Westfield experienced more than double the number of sales in the first three months of 2016 as it did the previous year (15 compared with seven) and compared to the previous three-year average (15 compared with six). WHY?Westfield is highly accessible both on foot and by car. Hamilton-Lauraville Main Street, which continues to add new businesses and dining attractions, is adjacent. For commuters, it is bisected by Harford Road and bordered by Northern Parkway—providing easy access in and out of town.
About Live Baltimore
Live Baltimore is a nationally recognized, independent nonprofit organization committed to promoting the benefits of Baltimore City living. Each year, Live Baltimore provides thousands of individuals with information on the city’s 270+ neighborhoods, rental living options, homebuying incentive programs, historic tax credits, and more. For more information, visit LiveBaltimore.com.
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