Harford County Real Estate Market Update April 2018
It's that time of month again as the Harford County Real Estate market stats have been released!! Spring has sprung and the market is in full bloom!! The average sales price of a home in March was $278,781, up 12.09% from the same time in 2017. Low inventory is creating a feeding frenzy of buyers in this market, with homes being sold via bidding war. In March, 300 homes sold throughout the County, up only .67% from the same time last year, which would be higher if supply were higher to match up with demand. Only 668 homes are active on the market, down almost 28% from last year! The buyers are out in force, and there is just not enough for them to pick from right now. This is leading to only 2.2 months of inventory on the market, where a healthy market is considered 5-7 months. This means if a single house didn't list moving forward, we would run out of homes to sell in 2.2 months!
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During the month of March 469 new homes hit the market for buyers to choose from, down 18% from 2017 further putting a strain on inventory in the area. Of all homes listed 414 homes went from active to under contract in March, down 9.8% from March 2017, mostly from the lack of inventory and choices buyers have. The average days on market has remained the same from last year to this year, at 81. While many homes sell in 1-3 days of hitting the market, others will can sit stagnant for months based on pricing, condition or location.
The Harford County Real Estate market is constantly changing, and can vary widely from neighborhood to neighborhood. For a no obligation analysis of your home/neighborhood, don't hesitate to reach out directly 443-360-0086.
Compass Home Group of Keller Williams American Premier Realty
Tim & Michele Langhauser
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