The real estate market in my small hometown of Havre de Grace, MD had me worried for a second, since sales were flattening, inventory held firm and median sales prices looked just like they did last year (the last time we reviewed the market was October 2016). While it hasn’t done anything to change my concern, it has made some positive changes.
The total real estate sales volume was $5.16 million (the most recent full month for which we have sales), which was down just slightly from last March. There were 23 homes that received new owners during the month, which was a drop of a single home. A sign of alarm was the time it took to sell a home in Havre de Grace, MD during March of 2017, since it took 131 days to sell during that period! That was a 40% increase from the same time 12 months prior.
Another sign of sales mediocrity was the number of new listings on the market in Havre de Grace. There were 119 total active listings, which was only 4% less than March, 2016. As we’ve mentioned elsewhere, most adjacent markets are seeing as much as 20% lower inventory, and fewer homes for sale has helped prices improve; it also helps homes sell faster. A positive sign is that the number of pending sales is up 13% to 58, which shows that the coming months might see positive sales gains in Havre de Grace.
Some of you might recognize the highest-priced sold home in Havre de Grace for the month. It belonged to the late Dr. Gunther Hirsch, the obstetrician and former mayor that helped deliver a number of you reading this! His home had just over 2,700 square feet, a half acre of land and located at 605 Giles St. It sold for $439,000. A picture is below courtesy of MRIS.
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.
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 firstname.lastname@example.org. 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.