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RESIDENTIAL SALES ANALYSIS. THE SALES ANALYSIS: –Includes all residential units sold in calendar years 2002 and 2003 –Sales are divided out into 5 categories:

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Presentation on theme: "RESIDENTIAL SALES ANALYSIS. THE SALES ANALYSIS: –Includes all residential units sold in calendar years 2002 and 2003 –Sales are divided out into 5 categories:"— Presentation transcript:

1 RESIDENTIAL SALES ANALYSIS

2 THE SALES ANALYSIS: –Includes all residential units sold in calendar years 2002 and 2003 –Sales are divided out into 5 categories: 1.Single-family 2.Townhomes 3.Condos 4.Mobile Homes 5.Residential Units with No Data Assigned

3 WHAT IS REPORTED? –Total Number of Sales and Median Sales Value –For Maryland’s 23 Counties and Baltimore City –By 2004 United States Postal Zip Codes –For Each of the 5 Sales Categories –Inside and Outside Priority Funding Areas (includes PFA comment area)

4 Used MdProperty View’s 2002 and 2003 Sales Extract Database Extracted only those properties with a Residential Land Use Type Used the Dwelling Description Field and Land Use Field to Divide the Sales into the 5 Categories METHODOLOGY

5 Deleted all those sales with an Improvement Value Less than $10,000 Deleted all those sales that did not have a Consideration Value (Sales Price) at least 1 ½ times the Improvement Value. METHODOLOGY

6 2003 Residential Sales

7 FINDINGS In 2003 a Total of 98,401 Residential Units were Sold throughout Maryland Single-Family Home Sales represented 51.8% of these sales Townhouses, with the second largest number of sales, 31,220, accounted for 31.7%

8 Percent of Total Sales

9 Median Sales Value by Type State Median: $201,647

10 2003 Median Sales Value by Jurisdiction

11 Less than State Median Greater than State Median Jurisdictions Less or Greater Than the State Median

12 Percent Residential Sales Less than $200,000

13 Single-Family Home Sales The Median Sales Value in 2003 was $243,800 Four Counties alone accounted for Over Half of the Single-Family Sales (Montgomery, Prince George’s, Baltimore, and Anne Arundel) 36.7% of Single-Family Home Sales were less than $200,000

14 Median Sales Value of Single-Family Homes

15 Percent Single-Family Homes Less Than $200,000

16 Inside/Outside the PFA * PFA Analysis Includes Comment Area

17 Inside/Outside PFA In 2003 86.8% of All Residential Sales were Inside the PFA (83,963). 78.7% of All Single-Family Home Sales were Inside the PFA (39,982). In Maryland the Median Sales Value for All Homes Inside the PFA was $104,336 Less than those located Outside the PFA.

18 * PFA Analysis Includes Comment Area

19

20 Single-Family Homes Sold Inside/Outside PFA The Median Sales Value of Single-Family Homes sold Inside the PFA was $62,972 Less than those Outside the PFA Nearly 40.0% of Single-Family Homes sold Inside the PFA were Below $200,000 Only 25% of Single-Family Sales Outside the PFA were Below $200,000

21 Single-Family Homes Inside/Outside PFA * PFA Analysis Includes Comment Area

22 Percent of Single-Family Homes with a Sales Price Less than $200,000 - Inside the PFA * PFA Analysis Includes Comment Area

23 Comparison of 2002 and 2003 Sales

24 Comparison Between 2002 and 2003 the total number of residential sales increased by 1,325. The number of Single-Family and Townhome sales increased substantially State-wide with an increase of 1,659 for Single-Family sales and 2,609 for Townhomes. Residential/No Data Actually decreased by 3,266,(meaning more complete records and reporting) The Total Median Sales Value for the State increased by $21,732 from $179,915 in 2002 to $201,647 in 2003.

25 Change in Median Sales Value of Residential Sales

26 Sales Less than $200,000 Those Units Sold for Less than $200,000 decreased substantially. There were 7,620 less homes sold below $200,000. Representing a 13.5% decrease in those sales considered affordable.

27 Change in Residential Sales Less than $200,000

28 Change in Single-Family Sales Single-Family Home Sales increased by 1,659. Charles (518), Carroll (351), Calvert (300), and Washington (281) had the largest total increases. The Washington Region, Frederick, Montgomery, and Prince George’s decreased in their total number of sales. The Median Sales Value for Single-Family homes increased by $35,800, with the largest increases in Charles ($51,000), Talbot ($47,345), Montgomery ($40,000) and Queen Anne’s ($39,975) Counties.

29 Change in Total Number of Single-Family Sales

30 Change in Median Sales Value of Single-Family Homes

31 Change in Single-Family Homes Less than $200,000

32 Percent Single-Family Homes Less than $200,000

33 Change Inside/Outside PFA * PFA Analysis Includes Comment Area

34 Change Inside/Outside PFA Between 2002 and 2003 the portion of total sales inside and outside the PFA changed by less than a tenth of a percent. (13.1% to 13.2% outside and 86.9% to 86.8% inside) For the State and 14 Jurisdictions the Median Sales Value of those homes sold Outside the PFA are increasing faster than those Inside the PFA. * PFA Analysis Includes Comment Area

35 Change Inside/Outside PFA Blue increasing faster inside the PFA

36 Single-Family Homes Sold Inside/Outside PFA Between 2002 and 2003 the portion of single-family homes sold Inside the PFA decreased slightly, from 79.6 percent in 2002 to Only 78.7% in 2003. This represents an increase in the number of homes being sold Outside the PFA with 20.4% in 2002 and 21.3% in 2003. For Single-Family Homes the State-wide Median Sales Value of those homes sold Inside the PFA actually increased at a faster rate than those outside the PFA.

37 Single-Family Homes Sold Inside/Outside PFA Blue increasing faster inside the PFA

38 ZIP CODE SALES ANALYSIS

39 Currently the Zip Code Sales Analysis is complete for 2003. Data are available for all 5 categories by 2004 USPS Zip Codes. Total Counts of Sales and Medians are Available. Thematic Maps are available for each Jurisdiction Mapping the Median Sales Value by Zip Code.

40 Top 25 Median Sales Values for Single-Family Homes by Zip Code

41 Top 25 Median Sales Values for Townhouses by Zip Code

42

43 FUTURE ANALYSIS: 2002 Residential Zip Code Analysis Available Soon. 2004 Residential Sales Analysis will begin in the Spring. Also available upon request, customized analysis of residential sales data (for example by year built or price ranges)

44 WHERE TO FIND IT: WWW.MDP.STATE.MD.US/MSDC


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