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Edgewood, MD Real Estate in August, 2016

No one can say that the real estate agents in Edgewood, MD weren’t busy in August, 2016, even though the total dollar volume of sales was a modest $4.6 million. Despite that, it increased 63.3% over last year, along with a steady maintenance from July, beating out the previous month by 1.1%. Leading the way was the Woodbridge Center community with eight home sales, followed by Harford Square with four.  The largest real estate sale in the Edgewood, MD zip code for the month was 2804 Captain’s Cove in Lord Willoughby’s Rest, which sold for $238,000.

The average selling price was down almost 19% to just under $140,000, while the time it took to sell a home also decreased in Edgewood, MD during August only 58 days. Of the 34 home sales in the zip code, 12 were either foreclosures or short sales. Also, 21 of the properties were detached homes and 13 were townhouses.

We like to look at a five-year trend, although sometimes we’ll look for patterns over a shorter time period. Here, it is easy to see that the growth has been steady and consistent. The only concern is the lack of inventory. Last year at this time, there were 128 actively listed properties in Edgewood, MD, and this year, that amount dropped to 92. And since the economy has shown steady improvement, more people are buying, thereby causing there to be more competition in the area. 

Aberdeen, MD Real Estate for August of 2016

The Aberdeen, MD real estate market continued a pretty hot trend in August of 2016, with 36 homes changing owners during the period, totaling a robust $6.2 million in sales-- a 12.6% increase over the same month in 2015. Even though the number of homes sold jumped, the average sales price dipped a bit, mainly due to the number of distressed sales in the area. Of the 36 homes that transferred, 11 were either foreclosures or short sales.

The highest priced sale in Aberdeen, MD during the month was a two-year-old single family home at 712 Bentgrass drive in the Beechtree Estates community, which sold for $426,900.  The most active community was Hollywoods, where eight properties changed hands, the highest of which was a Villa for $255,000.

The number of active listings had one of the largest year-over-year decreases that I’ve seen in a while. Last year in August, there were 170 active listings on the market from which to choose; this year, there were only 118 actively listed properties. This is a decrease of 30.59%!

The lower inventory doesn’t mean that you won’t find anything that you’re looking for; it just means you have to work harder. We work with plenty of buyers that are in the real estate market in the area, and use special tools to help them nail down to their specific criteria. We also work with sellers in preparation and marketing for sale in this turbulent market, using marketing strategies tailored for their unique home. Give us a call at (443) 866-6728, email at scott@highpowerrealty.com, or search homes actively listed for sale at http://www.highpowerrealty.com/a_46940-properties.html

Harford County Real Estate, August, 2016

The housing market recovery we’ve been experiencing has made its way into Harford County, MD. During the most recent month for which we have data (August, 2016), sales in the area jumped 20% from the same month a year ago, and the total dollar volume for housing transfers topped $107 million!

The largest sale during the month was in Bel Air at 1602 Willowdale drive (above) which sold for $790,000, although the average sales price for a sale in the county in August was $268,000. The average time it took to sell a property was a little over two months, and the number of active listings dropped from 1,489 in August of 2016 to 1,224 the same month this year. That’s a drop of 18%! As you can see from the chart, the lower inventory has pushed sales prices upward consistently over the past three years.

“Ok Scott,” you’re probably thinking, “what the hell does this mean to me?” Well, if you’re a potential home buyer, you are going to face stiff competition in the hunt for the home of your dreams. You will, however, benefit from the super-low interest rates (more on this and how it can impact your monthly payment in the coming week). For now, the way the math works, lower rates will more than offset the higher sales prices. On the other end, if you’re a seller, you’re in the driver’s seat! People that are putting their home on the market now are benefiting from the lack of housing availability, and are able to sell their homes quickly and for more money.

I’ve only touched the surface of how these figures can impact you as a buyer or seller. There are a ton of details to navigate, and every transaction has its own nuances. That’s why I’m here to help if you need any real estate advice. If you’re thinking of buying, selling, or even renting, feel free to call me at (443) 866-6728 or email at scott@highpowerrealty.com. As always, thanks for your time. 

Havre de Grace Real Estate in August, 2016

Havre de Grace real estate has done well over the past few years, and August of 2017 continued the trend. Although the number of homes sold in the zip dropped from 28 to 26, the median sales price increased by 24.4% to $292,250! A large part of this increase is due to what happened in Bulle Rock; of the 26 homes that sold in Havre de Grace, 7 were in the neighborhood of Bulle Rock.

Another notable fact is that the time it takes to sell a home in Havre de Grace has dropped by almost 53% to only 48 days! What does that mean? Well, it takes a lot less time to sell a home in Havre de Grace now than it did last year.

The main reason for the higher real estate prices in Havre de Grace is less inventory. Last August, there were 166 homes for sale. This year, there were only 142 when the statistic was recorded, bringing the months of inventory down to 5.46 (they say that 4 months’ worth is a true seller’s market, and if that’s true, we’re getting there). Add to this the low level of interest rates (increasing buyer demand), and we have the recipe for what is definitely a seller’s market. I know buyers right now that have been looking for a home in Havre de Grace, and haven’t had luck for this exact reason.

If you’d like more information about the state of the market in your area, or you’re a Havre de Grace, MD resident and are thinking about buying or selling, feel free to contact me at (443) 866-6728, or scott@highpowerrealty.com. Be sure to check back in weekly for an update on a different zip code, and monthly to see the highlight of Havre de Grace real estate again.