While we’re still waiting for the final numbers to come in for September, we can still take a look at what happened in residential real estate in Abingdon, MD during the month of August, 2016. It Is no surprise that in what is usually a fairly hot market, there was a ton of activity. But despite the sheer volume of sales in such a small market, some of the metrics are actually down from a year ago.
The total sales volume was just over $13 million for the month, made up from 59 closed sales. The amount of closed homes was actually up over 58% from last August, but the median sales price is down 16.7%, meaning that there were a lot more homes sold at lower prices. It also took slightly longer to sell a home in Abingdon this year as opposed to last year; the average length of time it took to sell a home that closed in Abingdon in August was 58 days.
The highest sales price for the month was a single family residence in Monmouth Meadows on Royal drive, which sold for $415,000. Of all of the rest of the sales, there were four condos, 30 townhomes, and 25 single family properties.
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How many of you travel through Cecil County along route 40? If you do, then you've likely driven past this massive project, just off of Principio Parkway. Despite the proximity to a few residential developments, the highest and best use for this is commercial-more specifically, industrial-a will be home to another warehouse business park called "Principio Commece Center I" (I take it there will be a 2nd phase since this is called I).
Are there any tenants signed up yet? Not sure, but I doubt it. Not that they won't be leased up pretty quickly; this is a prime location for distribution centers, being right between Philadelphia and Baltimore, and not much further from New York, New Jersey, and Washington, DC. We can also expect that with over a million square feet of space in the pipeline, there will be hundreds of jobs to follow.
As more information becomes available, we will be providing more information.
Where there’s smoke, there’s fire, and the source has been the real estate market in Bel Air, MD! During September, there was a whopping $29 million in residential homes moved, which is up 12% over the same month in 2015. This represented the sale of 97 homes, where the average sales price was $298,000. This was a modest increase over last year of 1.5%.
The highest-priced home sale was in Willow Chase on Springvale drive, and sold for $790,000. A picture of this property can be seen below.
The inventory issue doesn’t seem to be affecting Bel Air real estate as much as other areas. At last count, there were 312 homes actively listed, which is down from 326 during September of 2015. That’s a decrease of only 4.29%, compared to double-digit decreases in most areas.