“The market’s back!” has been the news on the real estate beat for nearly a year now. Home prices have been rising. According to a story by Keven Litten in Tuesday’s Baltimore Business Journal, home prices in the region are up by 5.7% since a year ago (7.1% if you exclude distressed homes), and may be going higher. Many Baltimore realtors are noticing a pent-up demand. Mary Lynn Mullican, an agent with Hill & Co. says, “there is definitely a perception that this is a good time to buy. I have people I haven’t heard from in two years who want to start looking next week. People just get antsy for change.”
Sellers, on the other hand, may still be waiting. According to Whit Harvey, who heads up the Whit Harvey Group at Coldwell Banker, that may not be the best strategy. “Interest rates have gone up. Very often, sellers think this won’t affect homes priced at the upper end of the market, but there is a ‘trickle up’ effect. If affordability drops for first time buyers, it will eventually affect the higher priced homes. Right now, supply is down and demand is up. It’s a good time to buy or sell.”
And houses are selling. So let’s take a look back and see which of our high-end favorites, in and around Baltimore, have gone in the past six months. Let us know if you spot a market trend.
SOLD 4100 St. Paul Street, Baltimore, 21218 This grand brick Georgian, built in 1925 on the corner of Highfield Road, sold quickly but well under its asking price of $1,049,000. 6 bedrooms, 4 baths, 5,224 sq. ft. On July 16th it went for $775,000.
SOLD 4622 Keswick Road, Baltimore, 21210 A circa 1894 former Methodist Protestant Church in Evergreen went fast, and for 20% over its asking price of $250,000. It needed a lot of work, which has already begun. 4 bedrooms, 1.5 baths, 3,241 sq. ft. Sold in March for $307,500