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.