The market in White Marsh has continued its steady roll, but there wasn’t a significant pop in sales during March of 2017. The volume, as usual, was mostly in the 21236 zip code, but there was some action in the 21162, mostly due to the developing that Ryan Homes is doing there in two different communities.
The total volume was steady at about $9.5 million in March, 2017, which was a 2% bump over the same month a year ago. 43 homes sold in the area, which, while more than many similarly sized zip codes, was only 2.38% over the same time last year, which represented an average sales price of $221,000. It took slightly less time to sell a home, with the days on market dropping to only 71 days.
The main story in most markets has been about homes inventory, which has reduced by about 20% in most nearby markets, but real estate listings in White Marsh, MD has stayed relatively firm. The number of active listings on the market when the statistic was recorded was 99, which was only 7.5% less than last year, so even though the inventory is lower than last year, the pace at which it has dropped is lower than most nearby markets.
Another factor that should be considered in White Marsh, MD is the number of pending sales, which are the number of homes currently under contract. This is the single best near-future indicator of homes sold, and in this market they are down considerably. The number of pending sales was 75 in March, 2017, which was a 24% drop over a year ago, suggesting that the either the market may be cooling down, or that March was just an anomaly; this is something we certainly need to keep an eye on.
The highest sales price took place in the Red Lion area of the 21162 zip code at one of Ryan’s newest communities. It was on Autumn Terrace drive, which is off Red lion rd., which is parallel to route 40 and off Ebenezer rd. Since it’s new construction, it had a base price of $454,990, and after all of the upgrades, the final sales price was $547,000. A picture of the property is below. (picture courtesy of MRIS).
The award for the hottest market in our area of emphasis is White Marsh, MD! Not because of the sheer number of sales; more so because of the type of activity. 48 sales occurred in the 21236 zip, and 5 changed hands in the 21162, and while these represented a decrease from September of 2015, the fundamentals for demand are actually greater.
Let me explain.
Last year, there were 167 homes on the market in White Marsh, with only 40 having sold, which means there was more than 4 months’ worth of inventory available. This year, these numbers became compressed, where there were only 122 active listings in White Marsh, with more than 50 swapping owners. This means there is only about 2.5 months of inventory available on the market.
The highest-priced sale took place at $540,000 at 11615 Philadelphia Rd in White Marsh, which closed on September 30.
What the numbers mean is that there are fewer homes from which to choose, and this will eventually cause prices to rise in White Marsh, MD. People have drifted towards this area in the past because of its proximity to the interstate, good schools, and plenty of shopping, and it seems as if the demand is holding firm. Builders are still constructing homes in the area, with Ryan Home’s Fieldcrest community being one of the most popular.
The Paragon Outlets are still on the horizon, which is the 250,000 square foot, 100+ store premium outlet center planned to be open at the corner of route 7 and 43. While there were a few legal hurdles to climb regarding zoning, the project is scheduled for completion in 2018. This will add to the attractiveness of the area, which will appeal to the high-income residents.