It’s surprising to most people that the market in Edgewood, MD has been doing so well recently, but I kind of expect it. It’s an underrated area with decent home prices close to all of the major roads, shopping and APG. And while we talked a little about how real estate was doing there in the Route 40 Real Estate Smackdown last month, we’re going to touch on it a little more today.
There were 26 home sales in the Edgewood, MD real estate market in February (we’ll update this soon, but that is the last full month for which we have complete statistics), which was a 30% increase over the same month a year ago. The median sales price was less notable at $118,859, but that was still a jump over February 2016 by 12.6%. The time it took to sell a home dropped significantly that month to only 44 days, which is down from over 70 a year prior. Of the 26 homes that changed owners, 14 were either a foreclosure or short sale.
The highest sale price belongs to 1620 Nuttal Ave over in Trimble Woods. This was a 2,200 square foot colonial built in 2004 that sold on February 28th for $309,000. But looking at the data overall, it appears that most of the sales were either on the lower end (under $150,000) and on the slightly upper end (over $250,000). This is consistent with what we’re seeing: that there is a shortage in the 1st time homebuyer sector of the market.
If you’d like more information on this or any market in the area (including Harford, Cecil or Harford) give me a call at (443) 866-6728 or email me at email@example.com. If you’re thinking about selling and just want a no-obligation home valuation, visit our pricing tool at www.route40realestate.com, put in your information, and wait for the pricing analysis to magically appear in your email!
Have you wondered lately about how the real estate market in your area is doing? How about how it compares to some of the neighboring zip codes? We decided to check that by comparing what some would consider the most similar markets within Harford County, based mostly on their positioning along the route 40 corridor, quality of school systems (based on ratings, not my opinion!) and general amenities. Also, please note that this only represents the market for these respective locations for February of 2017, and that we do compare it to how well it did during the same time last year. The locations included in this smackdown are Aberdeen, Edgewood, Joppa and Havre de Grace.
There has been a lot of concern about the Aberdeen, MD real estate market lately, but I do think its temporary. The market did perform poorly in February, with only 16 homes changing owners, which is an 11.1% drop from last year. The total sales volume was modest at $2.7 million, and it took 95 days on average to sell a home. The absorption rate, which is a metric that indicates how long it would take to clear the existing inventory, is 5.3 months (a very healthy market is considered 4 months or less).
Havre de Grace, MD real estate seems to have suffered the same fate. Only 14 homes got new owners, which was a 36% drop from last year. Despite that, the dollar volume was the strongest in our competition, finishing at $4.25 million. The most glaring issue was that it took 156 days for a home to sell, and that there are still 104 active listings; this brings the absorption rate to a concerning 7.5 months.
The Edgewood market has been on a roll with 24 sales in February, an increase of 20% over last year. The total dollar volume was lower than Havre de Grace at $3.17 million, which was due to the lackluster average sales price of $132,000. Despite the lower prices, the absorption is down to 2.375 months, meaning that the market is moving at a faster clip than most.
Finally, we’ll take a look at the town at the southern end of the county. Joppa is a bit different than most; the homeownership rate is always high at over 80% (the average is around 65%), and people tend to stay in one place longer. However, the number of sales jumped from 10 in February of 2016 to 18 in the same month of 2017, an 80% spike! The total dollar volume was just behind Havre de Grace’s at $3.97 million, and the average sales price was the highest at $220,614. It did take a while to sell a home in Joppa, with the average days on market at 124, but the absorption was just under 4 months, showing the signs of an attractive home selling opportunity.
|Stat Description||Aberdeen||Havre de Grace||Edgewood||Joppa|
|February 2017 Unit Sales||16||14||24||18|
|Total Dollar Volume (in mil)||$2.70||$4.25||$3.17||$3.97|
|Avg Sales Price||$168,406||$193,209||$132,074||$220,614|
|Days on Market||95||156||80||124|
|# Active Listings||85||104||57||69|
|# Under Contract||55||47||52||45|
So who wins the smackdown? Well, the sluggishness in Havre de Grace and Aberdeen immediately rule them out, so then it’s a duel between Edgewood and Joppa, and even though Edgewood has a much lower absorption rate, the combination of average sales price and absorption in Joppa is too much to overcome, so that will have to be our winner!
Have you been thinking of selling? If you have a home along the route 40 corridor (or anywhere in Maryland, for that matter), I’m giving you the opportunity to get an exclusive home pricing analysis by going to www.route40realestate.com. Enter your information along with details about your home and sit back and wait for your home value to come your way. When you need more detailed information, don’t hesitate to contact me at either (443) 866-6728 or by emailing firstname.lastname@example.org.
The outcome in Edgewood has mirrored the rest of the Baltimore metropolitan area real estate market, but there are some slight differences from January of 2017. I will point out that while we have a new presidential administration which will cause some changes to the economy eventually, none of them are evident quite yet; most of the people that bought a home in Edgewood that month were already in the market when they closed on their property.
The total sales volume was a modest $3.2 million in sales for the month, but it was an increase of almost 19% over the same time in the first month of 2016. This leads into the number of sales for the month which was unchanged over the comparison period. Ok, get your algebra ready: if the dollar sales volume went up and the number of homes that sold stayed the same, what does that mean? That’s right, the selling price for each home went up as well (Sorry, I don’t have a prize for correct answers).
What does that tell us about the real estate market in Edgewood, MD? Well, it says the same as it does for quite a few other markets in the area; that prices are escalating quickly. The reason is that the number of homes on the market has dropped drastically, and in Edgewood, it looks like inventory is at a bare minimum (kind of like how restaurateurs keep their fridges empty at the end of the month). Last January when recorded, there were 103 homes on the market in Edgewood, MD, and at the same time this year, there were only 60 active listings in Edgewood! That’s a drastically different level of choice. It’s like going to Nordstrom’s to shop for a winter jacket in July.
What are the solutions? Well, it depends on who you ask! Someone that currently owns a home could think about selling this year, taking the opportunity to move into their next property since prices have been pushing upward (they won’t do this for long; don’t you want to be one of those people that can brag about how much you got for your home when you sold it!). The next question you’re going to ask is “how much can I get for my house (yes, I am psychic, but don’t worry about that right now, let’s focus!)?” I can give you a detailed home pricing analysis when you’re ready to get the ball rolling, but in the meantime, I have access to am internet-based home pricing tool that you can use with no obligation. Just visit www.route40realestate.com and enter your information; when you’re done a well-composed home valuation will make its way to you.
If you have any other questions on buying or selling, feel free to give me a call at (443) 866-6728 or email email@example.com.
Below is a picture of the highest-priced sale in Edgewood, MD in January 2017, located in the Forest Oaks community, which changed owners at a price tag of $262,000.
If you haven’t been downtown since the Ravens were eliminated from playoff contention, you may not have seen the project going up just outside Harbor East. It’s a 28-story mixed-use development known as “Liberty Harbor East,” built by Bozzuto Development, located at 711 S. Central Ave., but it basically takes up the entire block between Aliceanna and Fleet, just off Eden.
The development is mostly residential, including 335 apartment units, although 49 are expected to be slated as condominiums. And there is no chance you’ll be running out of Quinoa anytime soon, since Whole Foods will take over a whopping 50,000 square foot space in the main floor, leaving its 13,500 square foot space behind right down the street. Another 3,500 square foot space is available to the right retail tenant.
This is only one of a plethora of massive projects being developed throughout the city, but its one of the most notable because of its position along the main route between Fells Point and Harbor East. Along that main path, the Harbor Point project is blocking traffic down the waterfront, so what might have been a detour route is instead another construction site. We'll be sure to keep an eye on that one as well.
Thanks for reading and keep an eye out for our next featured project!
If you bought a home in Edgewood, MD in 2016, you moved just in time. It’s not that the market is crashing and that it’s impossible to buy, but exactly the opposite; homes are transferring hands at a rapid pace, and the number of available listings is steadily decreasing before our very eyes.
360 homes got a new owner in Edgewood, MD in 2016, which is an astounding 15.76% increase over 2015. It took only 74 days on the market for a home to go under contract, which is unchanged from the previous year, but the average sales price improved from $122,000 in 2015 to $145,000 in 2016. Sellers were also negotiating more aggressively, since they received 93% of their list price in 2016, compared to only 90% in 2015.
The highest sales price for a home in Edgewood, MD in 2016 was on Kennard avenue just outside Flying Point Park, sitting along the Bush River. 319 Kennard sold in September for $765,000, and the home is shown in the picture below (picture credit goes to Garceau Realty and MRIS®).
What’s the message in all this data? It’s that now is the time to sell! If the number of homes is dropping that rapidly, it only means that inventory is constrained and that more listings are needed. If you have a home in Edgewood, MD (or anywhere in the Metropolitan Baltimore area) and would like to talk about selling, please contact us at (443) 866-6728 or email firstname.lastname@example.org. You can also get a comprehensive home value estimate by visiting www.route40realestate.com and entering your home’s information.