The housing market recovery we’ve been experiencing has made its way into Harford County, MD. During the most recent month for which we have data (August, 2016), sales in the area jumped 20% from the same month a year ago, and the total dollar volume for housing transfers topped $107 million!
The largest sale during the month was in Bel Air at 1602 Willowdale drive (above) which sold for $790,000, although the average sales price for a sale in the county in August was $268,000. The average time it took to sell a property was a little over two months, and the number of active listings dropped from 1,489 in August of 2016 to 1,224 the same month this year. That’s a drop of 18%! As you can see from the chart, the lower inventory has pushed sales prices upward consistently over the past three years.
“Ok Scott,” you’re probably thinking, “what the hell does this mean to me?” Well, if you’re a potential home buyer, you are going to face stiff competition in the hunt for the home of your dreams. You will, however, benefit from the super-low interest rates (more on this and how it can impact your monthly payment in the coming week). For now, the way the math works, lower rates will more than offset the higher sales prices. On the other end, if you’re a seller, you’re in the driver’s seat! People that are putting their home on the market now are benefiting from the lack of housing availability, and are able to sell their homes quickly and for more money.
I’ve only touched the surface of how these figures can impact you as a buyer or seller. There are a ton of details to navigate, and every transaction has its own nuances. That’s why I’m here to help if you need any real estate advice. If you’re thinking of buying, selling, or even renting, feel free to call me at (443) 866-6728 or email at email@example.com. As always, thanks for your time.