No need to speculate about what the real estate market in Harford County has done this past Summer; I have the data to show you, along with some insight into what it all means. I can admit that while I usually try to get this info out monthly, I’ve been too busy the past three months to do the research. Despite that, you’ll be surprised at the evidence to the contrary.
If you’ve been home-shopping the past few months, you probably ran into a competitive bidding situation, encountering the dreaded “request for highest and best.” This is where the seller receives multiple offers (good for them) and asks all bidders to provide their strongest offer, usually associated with a strict deadline. And it’s getting out of hand; agents and sellers are sitting on offers until they get more than one just so they can force the bloodshed!
But the data suggests that this will not last, at least not in Harford County. There were 26 fewer homes sold in the County in 2017 compared to 2016, which was a drop of about 2.2%. The median sold price went up, though, since sellers were asking a little more for their homes this year. Last year’s median sale price was $252,100, compared to $254,000 this past summer. The big story has been about active listings, which has reduced across the country. Last summer, there was an average of 1,275 homes on the market, compared to 1,010 this year. That’s a dip of 19%, or 1 out of 5 homes. To put this into context, imagine you were out shopping for a house and of the 5 from which you were about to choose, one was taken away. And add to that the fact that 5 other people are also shopping! There really aren’t enough to go around.
In addition to the fact that fewer homes sold this summer compared to last, there are also fewer homes under contract. This suggests that fewer homes will go to closing over the next two months, further continuing the cycle. But hold on before you cry recession! This is a natural correction since so few homes are on the market. We expect that since there is certainly an inventory shortage in Harford County, those of you that have homes to sell will be ready to list soon.
So, what do I expect from next summer in Harford County? I expect humidity, mosquitoes and traffic jams along route 22! Oh, as far as the real estate market, I expect more inventory to hit the market, but not enough to compensate for the 20% deficiency. I also expect more sales from 1st time buyers as they snatch up the homes from families that choose to move up or even build.
If you would like more information to help you decide whether it’s a good time to buy or sell, feel free to call me at (443) 866-6728 or email firstname.lastname@example.org.