Luxury Foreclosure Trends Report: October 2009

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Luxury Foreclosure Trends Report: Baltimore City, MD 21224

Date 10/15/09

Market Area: Baltimore City, MD 21224

Time Frame: 4/15/09 - 10/15/09

General Market Conditions:

Current Market Condition: Slow.

Employment Conditions:Declining.

Market Price for This Zip Code Has: Decreased By 4.56% in the past 60-days.

Estimated Percentages of Owner vs. Tenants in Neighborhood: 50% Owner Occupant 50% Tenants.

There is an over supply of active listings.

Approximate number of units for sale is: 593.

Number of units that are Pre-foreclosure stage: 10 (not listed in MRIS).

Number of units that are Short Sale Stage: 64 (listed in MRIS).

Number of units that are REO or Corporate owned: 30

Market Activity

Range of values is $25,000 to $650,000.

Normal marketing time is: 118 Days (last 6 months).

Resale Comments:

My independent MRIS research shows that there are currently 593 homes on the market in the 21224 zip code. Most of these homes are overpriced or are in less than ideal condition that do not attract buyers and just sit on the market. The average day's on the market for these active properties is 160. There are currently 162 homes under-contract. These buyers have found and are expecting and getting a great value-a good home at a good price and with all the competition for their attention, they have a lot of choices. These buyers are really picky. There were 126 homes that sold in the last 60-days. The average day's on the market was 98. Buyers have a sense of what's fair market value and what's not and they just won't show up if sellers are not in the ballpark. There is currently 8.06 months supply of inventory on the market in the 21224 zip code. It's very important that sellers price their home correctly and competitively. Buyers are looking for value pricing and if sellers don't meet these expectations, they'll be overpriced and overlooked.

For more market trends visit us online at www.BaltimoreMarketTrends.com