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 firstname.lastname@example.org. 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!
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 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.
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.