Mid-Atlantic U.S. Housing Market -Maryland

Maryland Not Looking Too Bad

• Maryland home sales are rising due to the result of having one of the best employment rates in the country. Government jobs are growing, allowing for more hiring.

• Sales right outside of DC are peaking due to the increase of employment within the government.

Staying Positive in MD

• The deflationary cycle in housing prices is showing signs of rebound as home sales continue to improve.

• But, because of the nation’s wide financial crisis, home values still have a long way to go before becoming stable again.

Baltimore Hon!

• Foreclosures have taken a toll on the Baltimore housing market, diminishing values of homes for the last two years.

• Buyers of new homes are below half of what it was in 2005.

• Foreclosures make up the largest part of declining home values in Charm City, dropping values 10.2% in 2009.

Prince George Struggling

• Once a haven for new home developers and investors, people are withdrawing from the market due to financial unease.

• Slowly the home sales are going up, but will take years to fully recover, with foreclosed homes sitting empty.

• With the very large over supply of homes in PG County, values declined 11.4% in 2009.

Bethesda Uncertainty

• Bethesda is finally seeing some positivity within the housing market, with home sales rising.

• However, restrictive mortgage lending is still hurting multi-million dollar home values.

• Prices deflated 13.6% in 2009, because the demand for homes is so low.

Little Worries For Silver Spring

• Being one of the lower priced markets, Silver Spring has seen improving home sales.

• Residents of the small DC suburb, aren’t being hit quite as hard by the Wall Street fallout, but are still not out of the woods when it comes to the nationwide credit crisis.

• In 2009 Silver Spring’s housing value has fallen 10.1%.

Ocean City, MD

• Tourists are beginning to return to Maryland’s top vacation hot spot, but are still budgeting their money closely.

• The prediction of rising foreclosures within the next year will help fuel the marketplace, but bruise the community, deflating house values 10.3% in 2009.

Wealthiest County in the U.S. –Howard County/Columbia

• The second most populous city in Maryland, Columbia hit a rough patch after growing very steadily since the 1960’s.

• The economic crisis has caused cancellations on development projects, but builders are beginning to reinstate the projects.

• Home sales should improve in the very wealthy county, within the year, only causing a 9.3% house value deflate in 2009.

Market Overview: 2009

City Decline

Baltimore -10.2%

Prince George’s County -11.4%

Bethesda -13.6%

Silver Spring -10.1%

Ocean City -10.3%

Howard County/Columbia -9.3%