If you own a home in Harford County, MD, it’s likely that you’ve been wondering about home prices in general, and where the value of your property may be at a given moment. Having an idea of whether they’re going up or down can have some importance to you, depending on when you bought your home, but for the most part, you want to make out rather than lose if you decide to sell.
There is good news for you then! Harford County real estate made some positive gains in 2016, increases that Realtors® have been looking for every year for at least four years now. It has taken a while for the market to adjust to some of the corrections in the economy, but now the numbers reflect a significant increase on a year over year basis.
The total dollar amount of home sales in Harford County, MD jumped 13.21% in 2016 to over $1 billion in transaction volume! This represents an increase of over $100 million from the year prior, which has had a substantial impact on the local economy. The average sales price per home went up—however modestly—by 1.61% to $264,767, and the number of home sales went up to a whopping 3,834 for the County in 2016. Also noteworthy was how long it took to sell a home, which went down over 15% to just 78 days.
A few factors have contributed to the increases that we saw, as well as the lackluster home sales price growth that occurred. The overall economy has made fiercer strides recently, especially at the local level. The unemployment rate dipped to 5.3% in Maryland in 2016, down from 5.6% in 2015 and even further from the 6.1% rate we experienced in 2014. The more people working means more people looking for housing. And while home prices only went up slightly, we can expect this to change in 2017 for a few reasons: 1) Housing inventory has dropped considerably while demand has held constant. This will lead to upward pressure on prices, 2) Price increases generally follow volume and unit sales increases and 3) The Federal Reserve has started to raise rates, which is a defense against inflation. In other words, they’re trying to temper the inevitable price level increases.
There is opportunity for everyone in this market, but you should have the right guidance and information. We have only touched on the basics here of what the market is doing, but there are nuances for each situation. If you’d like more information about buying, contact me at (443) 866-6728 or email me at firstname.lastname@example.org. You can also visit our website at www.highpowerrealty.com.
If you were riding up Chapel road in Havre de Grace recently, you probably saw some bulldozers performing site work on some land across from Bulle Rock. And if you’ve been frequenting this area for a while, you probably remember this happening a few years back, only to stall at some point. Well, now it’s officially in motion, and we’re going to give you a bit of a rundown.
The development is called “Scenic Manor,” and as of now, consists of 85 single family home sites averaging a quarter acre each. The builder is Keystone Custom Homes, based in Pennsylvania, and in our area, most notable for building in communities like Kelly Glen in Bel Air and Louise Estates in Port Deposit. Their homes can most accurately be characterized by being semi-custom, featuring a lot of stone façade, flexible layouts and attractive front elevation. Natural gas is available in the community, and there is an HOA fee of $40/mo.
My guess is you’re wondering now, where do I start? If you’re looking to buy a new home, it does pay to contact a RealtorÒ, so my first piece of advice is to call one. They will be able to help you navigate the purchase process, because that smiling salesperson in that pristine new model home is working entirely for the builder (yeah, the seller)! And don’t buy into the idea that you will get a better deal if you don’t have a RealtorÒ; builders factor the costs to pay a buyer’s agent into their marketing budgets, so they expect that you’ll have one. Also, it’s not uncommon for them to offer you better incentives when they suspect that you are shopping elsewhere, and this is what they’ll assume if you walk in with an agent!
This is the first community of its kind in Havre de Grace in some time, so it will not last long. The city is beautiful, the people are friendly and the schools are top notch. If you’re going to go this route, you might want to start now, and if you have a home to sell first, you could be in a better position than you think. If you need a home value estimate for your current home, go to Route40RealEstate.com and enter your information today.
People have been on the fence about the real estate market in Aberdeen, MD. I’ve heard everything from “BRAC (Base Realignment and Closure) wasn’t all it was cracked up to be,” and “they overbuilt the area preparing for what would never happen.” While this could be partly true, I’d like to point out that it could be that the building may have just been done a little too early and that the market in Aberdeen is stronger now than it was at the peak of the Base Realignment.
There were 26 homes that got a new owner in Aberdeen, MD during November 2016 (the month for which we have the most recent, complete statistics), which was a hike of 36% over the same month last year! With that, the average sales price hopped just under 20% to $198,488. It took a few days longer to sell a home in the 21001, but that’s a small trade for the other booming metrics.
Of the homes that sold, two-thirds were detached and the rest were condos or townhomes. Despite the amount of “attached” listings that were available, it shows that the demand was strong for single family places to accommodate an entire family as opposed to a single person. The number of active listings is down in Aberdeen, MD as well, falling 22.7% from last year, continuing the trend throughout the country of limited inventory and growing prices.
The highest sales price for a home in Aberdeen, MD in November 2016 was a new property delivered by Ryan Homes in the Eagle’s Rest community, just off route 22 toward Churchville. A picture of the beautiful colonial is below, which is located at 705 Turkana Circle and sold for $454,020.
If you’re in the market for something like this, or any real estate for that matter, feel free to contact us at email@example.com or phone at (443) 866-6728.
People in Harford County have been enjoying a thriving real estate market recently! In November 2016, things continued their upward swing, with one little outlier statistic that we still haven’t figured out, although we have some theories. Also, the high sale was one of the largest recorded residential deals in Harford County in many years.
The number of sales in November was up 15.1% over the same month in 2015, and it took almost 10% fewer days for a deal to close than last year. So instead of it taking 91 days to sell the average home last November, it only took 82 days this year. The downside is that the active listings continue to drop, dipping 17.55% from the 11th month of 2015. That means if you’re in the market to buy, you’ll have less to choose from and more competition.
The highest-priced sale took place in Fallston and was brokered by Krauss Real Property Brokerage. The home’s address is 2501 Pocock Rd, and it sold for $4.6 million! The home’s structure is over 12,000 square feet, and it sits on an astonishing 247 acres! A picture of the front of the estate is below.
We haven't seen the number of home sales fall on a year over year basis in a while, but we're going to discuss just that. In Havre de Grace, MD, for the month of October 2016, the number of home sales in the town fell by one to 24 for the month. With that, the median sales price remained constant at $270,000, reflecting the type of home you're likely to find in the waterfront community.
It took a little longer to sell a home in this zip code. This year, it took 17% longer to sell a home in Havre de Grace than it did last October, which was an increase from 93 days last year to 109 this year; this is also longer than it took in most other nearby zip codes in Harford County.
The highest sales price came from Bulle Rock, where 1126 Oak Tree drive changed ownership. The final sales price was $508,000 for the beautiful colonial in the upscale neighborhood, just off of Chapel road.