How does Dundalk fair in the current real estate market?
In October of this year, 27 homes sold in the 21222 Dundalk zip code out of 267 active listings. Three of these sales were foreclosures and three were short sales, where the bank allows the owner to sell the house for less than owed on the mortgage. Fifteen of these were attached homes, townhouses or rowhomes, 12 of them were detached single family homes. Two-thirds sold in less than 120 days. These 27 sales account for 5.7 percent of the total homes sold in Baltimore County in October.
Most of these homes were purchased using Federal Housing Administration (FHA) insured loans, a federal assistance option that originated in the 1930’s during the Great Depression and has recently gained popularity again due to poor economic times. Five of the homes were purchased with cash, which may indicate an increase of investors in the Dundalk area.
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While the average sold price of Dundalk homes this past October followed the overall Baltimore County trend and dropped by over 5% when compared to October 2010, it is encouraging to see that the average sold price of attached homes has increased by 14%.
What are your thoughts on the current real estate market in Dundalk?
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October 2011
October 2010
% Change
Average Sold Price
$124,558
$132,841
-6.24%
Attached Average Sold Price
(e.g., Townhouse)
$110,611
$96,890
+14.16%
Detached Average Sold Price
(e.g., Single Family Home)
$141,992
$166,676
-14.81%
Average Days on Market
132
65
+103.08%
Attached Units Sold
(e.g., Townhouse)
15
16
-6.25%
Detached Units Sold
(e.g., Single Family Home)
12
17
-29.41%
Active Listings
267
357
-25.21%
* Statistics were gathered from RealEstate Business Intelligence, LLC (RBI), an MRIS company.