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Group: Data shows riots didn’t slow Baltimore housing market

Despite concerns April 2015’s riots would damage Baltimore’s housing market for the foreseeable future, recent numbers suggest that’s not happening.

Live Baltimore, an organization that promotes living in the city, using data from Multiple Listing Service, has found sales in May were up from the previous two years.

“There wasn’t the expected negative impact after the unrest. So, anything that we’re reporting now is continued growth on top of [2015] and thus on top of [2014],” Live Baltimore Executive Director Steven Gondol said. “So we’re looking at not just year-over-year, but two years of growth.”

Baltimore Housing Graph

 

Standard sales, which do not include foreclosures, short sales and REO properties, were up 16.8 percent from last May. When those transactions are included sales still increased 8.2 percent from the year before. Standard sales in May 2015, just after the riots, increased nearly `11 percent from the year before.

Although spring is usually the best time of year to sell a home, Gondol argues that alone doesn’t account for the bump in sales activity.

He gives most of the credit to a mixture of incentives and tax credits that make home ownership in Baltimore more affordable and attractive. Gondol also said that there’s a good deal of new product — either renovated or new construction — on the market to entice buyers.

The boost in sales has spread to neighborhoods throughout the city:

Neighborhood housing graph

 

About Adam Bednar

Adam Bednar covers real estate and development for The Daily Record.

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