How much have home prices declined in the past year in Catonsville, MD near the neighborhood of Oella?

Asked by Tank22034@aol.com, Catonsville, MD Wed Jan 6, 2010

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terry stanzi…, Agent, Columbia, MD
Sat Jan 30, 2010
why did you have your home appraised ?
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what difference does it make what the market has done ?
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http://www.searchcentralmaryland.com/agents/392-Terry-Stanzione
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Art Lane, , Howard County, MD
Wed Jan 6, 2010
During the last calendar quarter of 2008, and in the area comprised by a 1.3 mile radius surrounding Oella "center", there were 9 detached home sales. These averaged $435,000. Please note that this is a very small statistical sampling and thus may not paint the "true" picture. The lowest priced home was $134,000 (built in 1850) and the most expensive was $675,000 (built in 2008).

During the last calendar quarter of 2009, and in the same 1.3 mile radius area from Oella center, there were 11 detached home sales. These averaged $505,000. The lowest priced home was $305,000 (built in 1850) and the most expensive was $775,000 (built in 2009).

I think that given the lack of complete information on your home, a more accurate representation of the general detached marketplace may be somewhat more accurately represented by looking at the entire area encompassed by zip code 21043.

During the last calendar quarter of 2008, and in the area comprised by zip code 21043, there were 39 detached home sales. These averaged $527,000. The lowest priced home was $134,000 (built in 1850) and the most expensive was $825,000 (built in 2008).

During the last calendar quarter of 2009, and in the same area comprised by zip code 21043, there were 50 detached home sales. These averaged $521,000. The lowest priced home was $269,000 (built in 1850) and the most expensive was $800,000 (built in 2009).

Although I've given you the statistics you requested, I still think that by providing me with a more accurate idea of your home's age, lot size, amenties, etc,, we could obtain a much clearer idea of your home's market value.

Finally, if your home is unique, as many in Oella are, you might consider hiring an independent appraiser to accurately gauge your home's value. It's always comforting to know that you've priced the home generally within the appraisal range that a buyers mortgage company will eventually establish. If you agree on a price that is too high for the bank, someone will probably need to make concessions.

If you need further assistance, please don't hesitate to contact me off-line.
Web Reference:  http://home-sweet-home.us
0 votes
Tank22034@ao…, Home Seller, Catonsville, MD
Wed Jan 6, 2010
Thanks for the help. I am interested in the average market change for single family homes in Catonsville in the neigborhoods near historic Ellicott City/Oella. I had my home appraised about one year ago, and I am wondering if the general trend is still a decline in value since then.
0 votes
Art Lane, , Howard County, MD
Wed Jan 6, 2010
I could provide you with a market comp report, but not knowing the exact type of housing you are attempting to comare would cause the numbers to be skewed.

In the interest of accuracy, if you could send me a description of your property, I'd be delighted to create a report that depicts home sale prices within 1 mile radius of Oella, or any radius you think will meet your needs.

Alternately, if you want to see just a very basic overall market change with minimum accuracy, please let me know whether you are looking to compare condos, townhomes or detached.

Art Lane
Associate Broker, Long and Foster
Columbia, MD
410-715-2724
Web Reference:  http://home-sweet-home.us
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