Harford County Maryland Real Estate Update - February 2014
Compass Home Group of Keller Williams American Premier Realty
Call or Text 443-360-0086
The market data has come in for the Harford County Maryland Real Estate market for February 2014, and we are here to decipher some of the data given and give you our thoughts/ideas on where the market is heading. Last month, 124 homes sold in Harford County, this was up from the same time last year, increasing just under 6%. The average sales price of a Harford County home ticked it lower than usual at $240,656 down 6.24% from the same time last year, but up 3.4% from where it was in January. The Harford County Maryland Real Estate market is still feeling the pain of the past several years as the government went through a recession driving home prices down. In February, about 30%, or 1 in 3, homes were a distressed sale, meaning they were either bank owned/foreclosure, or acquired via a short sale (where the seller owes more on the home than it is worth, and sold for). 114 new homes went under contract in the month of February, another decrease from 2013, going down 5.8%.
As we all know, the last couple months have been a busier than usual winter with so many snow storms, keeping home buyers hunkered down waiting for better weather to get out and shop the Harford County Maryland Real Estate market. With less homes going under contract, but sellers still listing their homes, the active inventory of listings came in at 1,143 for February, up over 11% from 2014. With only 124 homes selling last month, and over 1100 actively listed for sale on the market, that gives us about a 9 month supply of inventory on the market. Nine months of inventory is what the National Association of Realtors would consider a Buyers Market (6 months of inventory is a "healthy" market). However, if you talk to local agents, you will see they are finding a shortage of "quality" homes for their buyers around the area. Homes in this market, priced well, and in good condition are selling quickly, usually in a few days, and often with several offers on the home.
288 new listings hit the market in February within the Harford County Maryland Real Estate market, this is actually down 4.32% from February 2013. You can see the math, and trends, if only 124 are selling and 288 are coming to the market, inventory is definitely going up giving buyers more options in their home purchase. On average, of the homes sold in February, it took approximately 127 days for that home to sell, significantly higher than the same time last year, of only 86 days.
|Average Sold Price||$240,656|
|# of Homes Sold||124|
|New Under Contract||114|
|Average Days On Market||127|
If you are considering buying, or selling your home in, or around the Harford County area, give us a call and we can help navigate the waters of what a home sale/purchase may look like for you 443-360-0086. For detailed information on your zip code, visit the market insider section of our site and register for monthly updates on housing trends in your area.
Tim Langhauser & Michele McCartin Call or Text 443-360-0086 for information
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