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.