Market Conditions for Baltimore, Maryland Reported by Dominic Cantalupo, REALTOR, Associate Broker, CRIS Updated June 10, 2009.

Current Market Rating: 1 1 2 3 4 5 Buyer's Seller's

Current Price Trend: 2 1 2 3 4 5 Falling Rising

This report covers recent market trends for Canton/Brewers Hill, Fells Point/Butchers Hill and Federal Hill.

5/1/2009-6/1/2009

Numbers in ( ) reflect December 2008 Numbers

Canton/Brewers Hill

# of Active Listings - 217 (227)
Avg. Asking Price - $361,284 ($401,188)
Avg. Days on the Market - 157 (175)

# of Under Contract Listings - 84 (32)
Avg. Asking Price - $258,014 ($227,583)
Avg. Days on Market - 111 (99)

# of Settled Properties - 33 (23)
Avg. Sold Price - $241,292 ($243,685)
Avg. Days on Market - 156 (109)

Fells Point/Butchers Hill

# of Active Listings - 235 (223)
Avg. Asking Price - $346,005 ($328,042)
Avg. Days on the Market - 184 (197)

# of Under Contract Listings 56 (12)
Avg. Asking Price - $277,035 ($400,133)
Avg. Days on Market - 131 (257)

# of Settled Properties - 19 (10)
Avg. Sold Price - $206,258 ($260,150)
Avg. Days on Market - 145 (158)

Federal Hill

# of Active Listings - 248 (235)
Avg. Asking Price - $536,844 ($554,423)
Avg. Days on the Market - 177 (204)

# of Under Contract Listings - 100 (47)
Avg. Asking Price - $313,346 ($416,362)
Avg. Days on Market - 129 (126)

# of Settled Properties - 42 (19)
Avg. Sold Price - $273,180 ($429,805)
Avg. Days on Market - 129 (172)

Are we at the bottom? No one can say for sure but the proof is in the pudding as far as business picking up. By looking at the number of under contract properties above the rebound certainly seems to be taking place, although many of those sales are from first time buyers purchasing foreclosure, short sale and bank properties and the best valued homes from normal sellers. The changes made to the $8000 tax credit program have also helped dramatically as first time buyers can now utilize those funds without the need to repay it. When you couple that to the low interest rates and the growing number of homes priced more affordably it's a win-win for the buyer.

We could still see some reduction in home prices, but recent national numbers and local numbers are showing sales being up for the first time in a long while. As homes start to reduce a tad more we may see the return to an almost "normal" market. The one thing that is definite is that buyers are out there looking and sellers have to be priced realistically to be seen or to have any chance at a sale. When bank sales and short sales were the anomaly, sellers could still think about holding on to a higher price, but now that these types of properties have become more the norm, sellers have to be in direct competition. For some buyers these properties represent great values, but be wary because they are "as-is" and can take more than 3 months to get to settlement.

With over 25 years of experience, I have helped thousands in and around Baltimore. Call Dominic at
410-963-5466 or email
dominiccantalupo@championrealty.com
for honest advice when selling and buying in Canton, Fells Point and Federal Hill.



ZIP Codes: 21224, 21231, 21230

Location Characteristics: This report covers southeast Baltimore's popular neighborhoods including Canton/Brewers Hill, Fells Point/Butchers Hill and Federal Hill. These areas were once the epitome of the hard working middle class of first and second generation Americans. Breweries, Canning Companies, Oil Companies and Long Shoremen made up most of the work force. People lived in their homes all their lives and then passed them on to their children. As the exodus started in the 1950's to more suburban environments, some of these areas started to show decline. Throughout the 1960's and 1970's these areas became static and it wasn't until Baltimore and the Rouse Corporation developed Baltimore's Inner Harbor complex that signs of rebirth were taking place. At around the same time, the original homesteaders in Federal Hill were buying homes for $1 with the agreement that they would be properly renovated and thus was started the wave that continues until today. The Federal Hill area was the first to develop and with its proximity to Baltimore's Inner Harbor and Financial District, many prominent people now make their home there. The original development took place closer to the actual Federal Hill that helped defend Baltimore in the War of 1812, but now areas that were simply considered South Baltimore are now called Federal Hill as well. Restaurants, Bars, The Cross Street Market, Street Festivals, Shopping and Galleries abound in this area and create a quality of life that the younger set and the young of heart enjoy. There is also much development along the waterfront portion of Federal Hill with Harborview and the new Ritz Carlton Residences. With their marinas and upscale clientele, boating and fine dining are the norm. Fedral Hill is also within easy walking distance of Baltimore's sports stadiums and is an easy commute to routes south of town, including Washington D.C. FellsPoint/Butchers Hill offers the perfect location for nearby Johns Hopkins Hospital employees and is also within easy walking distance to the Inner Harbor. Fells Point is one of Baltimore's most ecclectic and historic regions with its cobblestone streets, street festivals, Broadway Market, unique bars, casual and fine dining, antique stores and galleries. It's also home to the now defunct TV show, "Homicide". Fells Point and Butchers Hill to the north are home to many folks who require an urban setting with an exciting edge. Canton/Brewers Hill is a little different than Federal Hill and Fells Point in that it offers a more residential setting. Although night life is abundant on the "Gold Coast" of Boston Street and nearby O'Donnell Square, it's probably best known for its rows and rows of townhomes. This area has under gone tremendous rebirth in the last 20 years. The once booming American Can Company was redeveloped by Struever Brothers as a convenient neighborhood shopping district, including a top wine store, bank and national restaurants like Austin Grill and Outback and a new restaurant endeavor by Baltimore Ravens star, Ray Lewis. The area also houses numerous marinas, a waterfront park dedicated to Korean War Veterans and one of the city's largest public parks, Patterson Park. This mecca in the city offers many ethnic festivals and sports leagues as well as an ice rink and tennis courts. Newly constructed homes and rehabbed properties have become the model for other areas in the city. Major development is still under way with in the Brewers Hill area with the renovation of Baltimore's National Bohemian Brewery Complex and the Old Hamms/Schaeffer Brewery. The area will house condos, mixed use offices and restaurants. As a past resident and ardent follower of this market, I can offer top notch advise when buying or selling. Call me at 410-963-5466

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