Harford County Real Estate Report Card May 2014
Compass Home Group of Keller Williams American Premier Realty
Call or Text 443-360-0086
Compass Home Group of Keller Williams American Premier Realty
Call or Text 443-360-0086
The numbers have come in for the Harford County housing market during the month of April, and we are seeing a big shift on the horizon! Over the past few months the market in Harford County had been experiencing a shortage of inventory for ready, able and willing buyers. We will dive into this month's numbers with a pretty impressive stat. During the month of April 585 new listings hit the Harford County Real Estate market, up an astounding 30% from the same time last year, and up over 35% from March. With the flood of new home hitting the market, we would hope that homes sales, and new contracts would be jumping up as well. Unfortunately, this is not the case in Harford County right now. During the month of April, 174 homes sold in Harford County down 13% from the same time last year, and only 159 homes went under contract, down almost 6% from last year. So what does this mean to you? As a home seller, with increasing inventory, and decreasing written units, if it were to continue over an extended period of time inventory levels would rise significantly decrease property values in the area. We are currently deep into the hot "spring" market and hope that May numbers will be significantly higher as buyers schedule their home purchase with the school schedules of summer! HOWEVER, don't be discouraged as homes that are in good condition, and well priced are selling quickly, often with multiple offers on them! Homes pricing behind the market are actually tending to stay on the market longer as inventory increases, up to 115 days. Up 5.5% from 2013, and over 33% from January.
The average sales price of a Harford County home actually remained relatively unchanged year over year, decreasing .68%, but up 9.2% year to date. However, if the trending continues to with inventory jumps of active listings, and we don't see written and sold contracts following behind, pricing could begin to trickle down. If you're interested in selling your Harford County home, visit www.ListWithCompass.com for a 2014 Home Selling Guide and FREE market valuation of your homes value.
With the end of April behind us, we find ourselves in a buyers market with approximately 7.7 months of active inventory (active listings/home sold). National Association of Realtors defines a healthy market to be around 6 months of inventory, anything over that and you push into a buyers market. Anything under 6 months of inventory, and we will find ourselves in a sellers market! Search All Harford County Homes for Sale here.
Compass Home Group of Keller Williams American Premier Realty
Tim Langhauser & Michele McCartin
Call or Text 443-360-0086 for information Broker: 443-512-0090
Get a FREE REPORT of your HOME'S VALUE at www.ListWithCompass.com
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