Looking back over a year of Hot House columns, searching for some rhyme or reason to the local real estate market, the Baltimore Fishbowl ran a quick check to see which dream houses have sold and which ones are still hanging around.
What’s moving — sleek condos or charming cottages? Old estates or giant McMansions? There are any number of ideas on what makes a house sell in this down economy, but the prevailing market-think is best summed up by Noah Mumaw, of Prudential Homesale, YWGC Realty, “This is the most price-sensitive market that I have ever seen. Homes that are priced properly are flying off the market.”
Of course, one man’s “priced properly” is another man’s “practically giving it away.” What is undeniable is that the average home sale price has dropped about 30 percent in the past five years, and yesterday’s $500,000 house is worth only $350,000 in today’s money.