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!
It was a little chilly in Harford County in February, 2017, but the real estate market in Abingdon, MD was steamier than usual! 37 homes changed ownership in the month, which was 37% over the same time a year ago. The median sold price was just below the average for the state at $210,000, which isn’t a surprise with as many townhomes as there are in that area. Surprisingly, it took a little longer to sell a home in Abingdon, MD that month, but still lower than most areas at 67 days.
The number of active listings actually went up a bit this month from 112 to 128, as people took the opportunity to list in order to take advantage of the rising home prices. Since Abingdon is generally ahead of the curve, we can expect this trend to spill over into other areas. Even with the higher number of active listings, the absorption rate (the number of months it would take to “sell out” inventory; a healthy market is 4 months or less in most cases) was 3.76 in Abingdon, MD.
The highest-priced sale was a new build in the Laurel Ridge community by Toll Brothers (picture included is a rendering) which sold for $600,512.
Have you been wondering what’s going in the space being added next to HomeGoods at the far end of Constant Friendship Shopping Center in Abingdon, MD? I’ll give you a hint: what’s a place that you need to visit every year, and if you don’t, people will know it when you smile? That’s right, the dentist! More specifically, according to the flyer for the property on the shopping center’s website, Aspen Dental will be entering the space.
The total addition is almost 8,000 square feet and the dental office is only taking up a portion. There will be remaining space available for another retailer to move in; don’t get too excited because this location is considered less than desirable for most retailers because of the lack of visibility, but it might work for a business that is complementary to the HomeGoods.
What would you like to see there? Another restaurant, of which there aren’t many in this center? How about a clothing retailer? Keep in mind that it will only be about 3,000 to 4,000 square feet, depending on how much Aspen Dental takes. Give us your opinion!
We’ve seen most Harford County real estate markets catching fire lately, with inventory being constrained and bidding wars on most well-priced homes. And the same has been happening in Bel Air, MD, even though slight differences exist between the 21014 and 21015 zip codes.
The 15 has been the more robust, although both areas have been strong for sellers. The market there jumped 21% to 34 homes sold in March 2017, and while there were more sales (37) in the 14 in March, it was a 7.5% drop from March of 2016. Another point of note was that there were 11 condos sold in the 14 to only 1 in the 15, and since these were lower in price to the other properties sold, this substantially affected the overall results in that zip.
The prices were up in both zips, jumping 5.7% in the 15 and a sharp 10% in the 14! It took less time to sell a home in each market, taking 66 days in the 15 and only 39 in the 14, on average. Both markets are becoming constrained since there are so few homes in comparison to the rate of sales. The absorption rate (the amount of time it would take to clear out homes inventory if there were no new listings) dropped to 2.9 months for Bel Air, MD overall (including both zips), and overall inventory was 206 active homes when the measurement was taken.
Finally, the highest home sale took place in Glenangus and sold on March 10 for $716,750. A picture of the 4,000+ square foot home is below.